RE:RE:RE:Why a consolidation after the pp? Make no sense!!!
Thanx for the reply - if nothing else I am finding this theraputic ;)
I know I may be a little naive as to what I have been told by Nord Gold but this is what they told me, and I passed on to the TMX Group and the OSC ;
I understand Carlisle shareholders may be upset with current share price in comparison to what we wanted to offer. Obviously Carlisle management pursued the goal of retaining their jobs instead of shareholders’ interests.
I can provide you some facts if it is helpful.
Indeed in the beginning of 2014 we have signed Confidentiality agreement with Carlisle which included Standstill provisions preventing us from any actions without Board consent. After several months of due diligence we concluded that Lynn lake is an attractive project and we are interested to participate. In the end of August we sent them an informal letter suggesting to start negotiations of a possible transaction. They immediately replied that they are in exclusivity period with the third party until September 20 and can’t talk to us. Then before expiration of this exclusivity around September 10 we have sent them the second already formal letter indicating our intention to participate in development of Carlisle and Lynn lake in the form of private placement or other type of transaction. We urged them not to conclude the other transaction without first negotiating with us a better deal. Our assumption was that having our formal letter they will start talking to both interested parties after expiration of exclusivity and make the process competitive. However surprisingly they extended exclusivity with Aurico twice, first by ten days until October 1, and then by one month more until November 1. In my opinion Carlisle Board has broken their fiduciary duties when they rejected to talk to us and having at least two credible interested parties failed to make competitive process to get the highest possible price.
Dave again - this does not sound like management trying to get the best deal for shareholders ... all I am asking for is a fair inquiry into what management has done - if they did nothing wrong then why are the TMX Group and the OSC hiding behind secret investigations ( if they indeed are doing investigations ) - if they did nothing wrong and someone can show me they actually did do an investigation I would happily move along.