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Bullboard - Stock Discussion Forum Noranda Income Fund Unit NNDIF

Metals & Mining Industrial Metals & Minerals
Noranda Income Fund is a Canadian based income trust. The fund owns the electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Quebec. It produces refined zinc metal and by-products from sourced zinc concentrates. The fund's long-term objective is to maximize unitholder value and provide monthly distributions to unitholders.

Bullboard (OTCPK:NNDIF)

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Comment by Paykel2on Feb 16, 2023 6:39pm

RE:I am Guessing Higher Offer - Any Guess as to New Bid

I would be happy to "Guess" if they do up the Anti, it will be in the $1.65 range and I will not vote in favour of it. 
47
Discussion
Comment by JCWon Feb 16, 2023 2:54pm

RE:Voting

I would have to think that CEZ may well be of strategic value to Glencore as a future ongoing source of significant revenue but only if they can get at all the profits (legitimately). Not sure how ...more  
90
Discussion
Post by wizthewizon Feb 16, 2023 2:20pm

Voting

Received nothing by mail for the vote. Called Kingsdale Advisors who are handling the vote for a Control Number who sent me one that did not work so had to contact my broker who had toread the text of ...more  
179
Discussion
Comment by schocoron Feb 15, 2023 11:35pm

RE:RE:7 0f 8 directors etc.

Reading this again; it says glencore (purchaser ) has the right to NOMINATE the PROPOSED directors. Shareholders can write in directors.  winning a write in vote when glencore owns 25% of the ...more  
36
Discussion
Comment by schocoron Feb 15, 2023 5:51pm

RE:7 0f 8 directors etc.

I believe: It is Glencore  - as the OPERATOR of the smelter - who has to nominate/elect the independant director if they hold more than 10% of the priority units.  Remember that Glerncore, ...more  
61
Discussion
Post by rjk1234on Feb 15, 2023 5:22pm

7 0f 8 directors etc.

As Zincdink points out, the words about this appear on p. 29, second paragraph under the table.   Note that it states "the Purchaser has the right to nominate the seven Trustees ...more  
175
Discussion
Comment by Scotch12on Feb 15, 2023 4:45pm

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

As I re-read it I think they are using purchaser and Glencore interchangeably. They are basically saying the fund has no autonomy because of its contractual arrangement with Glencore.   Sorry ...more  
45
Discussion
Comment by Scotch12on Feb 15, 2023 4:36pm

RE:RE:RE:RE:RE:RE:RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

Thank you for the reference Zinkdink.  I think one really needs a business lawyer to review it (people have to do their on due diligence) .  It seems this section of the document is about ...more  
53
Discussion
Comment by ZincDinkon Feb 15, 2023 3:22pm

RE:RE:RE:RE:RE:RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

Page 29, paragraph 2 under the table. it says that as long as the purchaser (GC) owns 10 % of the priority units (assuming the ordinary units exchanged presumably to priority) the purchaser has the ...more  
51
Discussion
Comment by Scotch12on Feb 15, 2023 7:01am

RE:RE:RE:RE:RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

Can you quote the page, from the document we all just received with the voting material, where it indicates  this 7 of 8 directors information. The whole thing sounds dubious legally. Any ...more  
78
Discussion
Comment by ZincDinkon Feb 14, 2023 9:39pm

RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

Last Chinese mill this size cost 750 MUSD to build and they don't have the same cheap electricity. No, I don't think a bidding war will happen though as GC has too many clauses dug into ...more  
55
Discussion
Comment by ZincDinkon Feb 14, 2023 9:35pm

RE:RE:RE:RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

There are about 37 M priority units (our shares) and 12 M ordinary (GC shares). The way I interpreted is that GC first must convert ordinary shares and obtain 10 percent of priority shares where they ...more  
51
Discussion
Comment by schocoron Feb 14, 2023 1:18pm

RE:RE:RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

There is a clause in the founding agreement though; paraphrasing from memory:  If Glencore owns more than 10% of the priority units, they get to ELECT the 4 director If Glencore owns less than ...more  
89
Discussion
Comment by rjb1954on Feb 14, 2023 1:04pm

RE:RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

If GC owned 12.5MM Priority Units, they would have effective control. If only 5MM Units have traded since the announcement, and if they were all bought by GC, then GC wouldn't be quite halfway to ...more  
53
Discussion
Comment by JCWon Feb 13, 2023 9:04pm

RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

I agree that GC probably have a good idea that their offer will not go through at this price but I am wondering if they might be trying to buy enough shares to have  effective control of the ...more  
97
Discussion
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