RE:Nemaska and Orbite shareholders PRA google translation for those interested...
MONTREAL, March 6, 2020 / CNW Telbec / - Recent statements by Pierre Fitzgibbon, Minister of the Economy and Innovation, deeply worry the Nemaska Shareholder Group (“the Group”). The minister seems to be saying that the decision to sell and privatize Nemaska has already been made. The Minister said in an email brought to the attention of the President of the Regroupement: "How Nemaska became a public company exceeds my understanding. ". This statement is a cold shower for the Regroupement whose sole objective is to be a partner of a refinanced and public Nemaska, on the Toronto stock exchange.
By the way, Minister Fitzgibbon caricatures the position of the Regroupement by affirming: “People think that the government should reimburse the shareholders: $ 300 to 400 million !!! ". This statement by the minister is completely false. “The Group, which represents 1,700 people holding 130 million shares, has never asked for the reimbursement of the shares invested in Nemaska. We simply want NMX shares to be back on the TSX, the Toronto Stock Exchange and that we can continue to support this excellent project, good for the environment, and promote economic development in Quebec, "said Alain Clavet, President of Board of Directors of the Group.
Nemaska, the second largest lithium mine in the world located in Baie-James, also owns an electrochemical processing plant in Shawinigan. Nemaska is a profitable and profitable project and a possible down payment from Investissement Qubec would be to the benefit of all, good for the economy and good for the environment. The shareholders, mostly small Quebec savers, are right to invest in building Quebec, as is also the case for Technologies Orbite Inc. in Cap-Chat, Gaspsie. Technologies Orbite produces high purity alumina and with Nemaska are an integral part of electrification and economic development projects in Quebec.
The shareholders want to continue, but Minister Fitzgibbon seems to favor rather the possibility of an offer to buy, the creation of a new private company, causing, by the way, the loss of savings and pension funds to 25,000 shareholders. The Regroupement strongly rejects and decries the unacceptable assertions of Minister Fitzgibbon. For them, the Minister does not respect either the pending claims process, the international call for refinancing, or the legal process.
"This hasty position not only does not respect the shareholders, but it is bad for Quebec. Moreover, the Regroupement is actively working to encourage the filing of refinancing offers from Nemaska including those of small shareholders, ”concluded Mr. Clavet.
Simple and respectful requests
The Nemaska Shareholder Group requests: 1) the return of the Nemaska NMX share on the Toronto TSX stock exchange; 2) the search for Nemaska refinancing solutions with the contribution of small shareholders.