RE:IF .....Perhaps, this would be an opportunity to 'change one's ways'! Given the counter-offer, one would only imagine that the much higher bid would reign. If not, perhaps an opportunity for our brave securities commission to step up to the plate and address the issue in a forthright & judicious manner as is their legal responsibility!
FP says battle for Coastal Gold heating up
2015-05-05 09:38 ET - In the News
Also In the News (C-FF) First Mining Finance Corp
Also In the News (C-SMC) Sulliden Mining Capital Inc
The Financial Post reports in its Tuesday, May 5, edition that two Canadian mining magnates are fighting an increasingly heated battle for a tiny junior company. The Post's Peter Koven writes that Keith Neumeyer's First Mining Finance has offered six cents a share (or about $10.2-million) for Coastal Gold, which has a project in Newfoundland. The rival offer for Coastal, from Stan Bharti's Sulliden Mining Capital, is worth about 2.3 cents. Given that the offer from First Mining is more than double Sulliden's offer, one might assume that Mr. Neumeyer is convinced he will win. Coastal's board, however, is currently endorsing the Sulliden bid. Mr. Neumeyer says: "It's a joke. ... They are obviously not acting in the best interests of shareholders and exercising their fiduciary duties." Mr. Neumeyer thinks the problem here is inter-relationships between Mr. Bharti's companies. Both Sulliden and Coastal are under the umbrella of Forbes & Manhattan, Mr. Bharti's conglomerate of resource companies. Mr. Neumeyer says, "There's incestuous behaviour between all three groups." Mr. Neumeyer notes that every director of Coastal has ties to F&M, as does its chief financial officer and corporate secretary.