Vaaldiam Mining Inc VAALF

Called The Dunn Group

[insiderinfocan]

I just called the phone # [phone] mentioned in the NR & spoke with guy name Jamie Beals. He says they are getting some paperwork ready & we will have a nr from Mr. Bailey & Vaaldiam in two three days. Asked him what investors should do he said to hang on to your shares. Jamie said i was lucky to get hold of him as he was just about to leave the office I called at 7.00 EST. I do own small position but this feels Weird i will still hang on to my shares for few days & see how it goes.


Michael Bailey Makes Hostile Takeover Bid to Purchase Diamond Producer

Feb 1, 2010 12:02:00 PM

OTTAWA, ONTARIO--(Marketwire - Feb. 1, 2010) - Michael Bailey and entities controlled by him announced today the commencement of a tender offer for all outstanding shares of common stock of Vaaldiam Resources Ltd. (TSE:VAA) for
.07 per share, net to the seller in cash.

Under the terms of the tender offer, entities controlled by Michael Bailey will commence a hostile all cash bid to purchase all the outstanding shares of Vaaldiam for
.07 USD per share for an aggregate purchase price of $19.265 million USD. This represents a 133% premium to the previous day closing price of Vaaldiam's stock.

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The tender offer is scheduled to expire at 12:00 midnight, Eastern Standard Time, on March 1, 2010, unless the tender offer is extended. The tender offer is conditioned on the tender of a majority of Vaaldiam's shares calculated on a fully-diluted basis, as well as the receipt of certain regulatory approvals and other customary closing conditions.

Entities controlled by Michael Bailey currently own a minority stake in the company and they are now making a hostile bid to acquire 100% of the outstanding company stock with the intention of taking the company private. Michael Bailey is an algorithmic trader and formerly a member of the Band of Scoundrels, an elite group of high frequency proprietary traders that successfully shorted Citigroup and profited over $130M in October 2008.

The acquisition is expected to close during the first quarter of calendar year 2010; however, the close date is subject to customary closing conditions, including regulatory review in Canada.

    FOR FURTHER INFORMATION PLEASE CONTACT: Dunn Group International Investor Relations Division Jamie Beals President 1-613-482-9396 [e-mail]: Dunn Group International

[Hunter34]

I emailed and received no answer so thanks for the post.Was holding for a week anyways as Bailey doesn't screw around.

[ozramesh]

I knew this already, am not quite convinced yet. Thanks for making the effort to call them.....In hindsight the guy made money shorting Citigroup, imagine what he could do with VAA. I hear you, I shouldn't be this depressing LOL. Any how, if he did something of that sort here would be under the watchdogs's radar. Hope something good comes of this.....