Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:I bought a few days ago

[Bigbird999]

NAV of $280 million = $210 million for the 75% that Glencore doesn't already own
Current market cap is 37 million shares @ $2  = $70 million = 33% of NAV
Replacement value of this asset is $2000 - $4000 oer annual tonne (something north of $700 million)
So yes it would be a bargain even at the full NAV of $6 per share. 

Whether now or at the end of the supply agreement, Glencore is the logical buyer.  Of course they will try to convince us that it is worth less than the NAV.  In order to take it private, they need to convince a 90% majority of the 37 million priority unit holders that whatever they end up offering is fair. 

I believe this will be a lot closer to $6 than it is to $2 and that is why I have been buying at these prices.

BB