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Itafos Inc V.IFOS

Alternate Symbol(s):  MBCF

Itafos Inc. is a phosphate and specialty fertilizer company. Its businesses and projects include Conda, Arraias, Farim, Santana and Araxa. Conda is a vertically integrated phosphate fertilizer business located in Idaho, United States with a production capacity of over 550 Kiloton (kt) per year of mono ammonium phosphate (MAP), merchant grade phosphoric acid (MGA) and ammonium polyphosphate (APP), and approximately 27kt per year of hydrofluorosilicic acid (HFSA). Arraias is a vertically integrated phosphate fertilizer business located in Tocantins, Brazil with a production capacity of approximately 500kt per year of single superphosphate (SSP) and SSP with micronutrients (SSP+). Farim is a phosphate mine project located in Farim, Guinea-Bissau. Santana is a vertically integrated high-grade phosphate mine and fertilizer plant project located in Para, Brazil. Araxa is a vertically integrated rare earth element and niobium mine and extraction plant project located in Minas Gerais, Brazil.


TSXV:IFOS - Post by User

Bullboard Posts
Post by Psalm9012on Mar 15, 2016 12:32pm
220 Views
Post# 24660192

Implications of May Cases

Implications of May CasesAs mentioned earlier, the Justice Brazil site indicated more hearings in May. If this is the case, the season will undoubtedly be lost. If our "partner" remains on then it may mean they have deep pockets and are a bigger player which can be encouraging and/or it can mean the deal is so lucrative - likely at the expense of us shareholders - that they don't want to let it go. A fellow investor recently commented, "it looks like they are coming out of the woodwork" in reference to a least one case that appears to be an employee of a contractor that did work for MBAC that is suing for danger pay for allegedly being exposed to flammable substances. Some of these cases are starting to look ridiculous and who knows how long they may continue - for perhaps months or even years longer. If this is the case, then will there ever be a deal? That is, of course, assuming that all the cases must be resolved before a deal is possible but we dont even know that. Its funny - actually sad really - how in a single press release we learn more on the Anglo deal than what MBAC has told us in almost a year. The Anglo release has told us the number of bidders (16), who some of the bidders are (X2 Resources and South32 Ltd.), what they expect to get for the deal (about $1 billion) and even when they expect a deal to be completed ( 2 to 3 months according to the CEOs statement in mid Feb.). We also really dont know if that May 9 case sited on Justice Brazil really has any significance - after all, over a month ago March 10 was identified in a number of cases as a key future date but nothing transpired then. Each week we get a press release called, "MBAC Provides Update on Its Strategic Review Process" yet there is absolutely no update on the process whatsoever. These are instead repeated delays in providing any update. Is management this pathetically lazy to even change the title or that completely incompetent to even realize this? It appears the only thing we have to look forward to with the repeated delays is the Anglo deal to be announced somewhere between mid April and mid May. This will give a better appreciation of what our assets are worth and hopefully provide the opportunity for the 15 failed bidders of the Anglo assets to go after ours and save us from this management. AIMHO. Greg
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