Red flags being raised with wording The revised so-called deal is a mere proposal and isn't a true bid !!! It lacks substance and timeline... It basicly tells Noront it will replace Management and board with their own preferred people ( internal or friends of Forest ) but the best part is Wyloo telling management and board to agree to loose terms and FIRE THEMSELVES or this so -called proposal will be void ????
BHP offer was solid but this is like Swiss cheese
... If you have a small bit of smarts and or understanding for what they are proposing ???? I'd be extremely NERVOUS of their intentions ... notice the added Baosteel ???
https://cdn.wyloometals.com/content/uploads/2021/08/30211141/Wyloo-Metals-Revised-Proposal-for-Noront-002.pdf
New Leadership at Noront
Wyloo Metals believes that Noront’s shareholders have seen value eroded under the custodianship of Noront’s existing Board of Directors. Consequently, upon successful completion of the Acquisition Proposal, Wyloo Metals intends to put in place a new, world- class Board of Directors to lead Noront to the benefit of those shareholders who choose to participate in its future, consisting of the following:
Existing Noront Director Mr. Luca Giacovazzi will retain his position on the Board of Directors as a nominee of Wyloo Metals and Wyloo Metals will also ensure any director nomination rights of Baosteel Resources Holding (Shanghai) Co are fully respected. We also intend to conduct a search process for additional directors and executive management.
Next steps
Wyloo Metals has requested from the Noront Board a modest period of time in which to conduct confirmatory due diligence, which Wyloo Metals intends to complete in parallel with the finalization of transaction documentation. In its statement on August 20, 2021, Noront correctly asserted that Wyloo Metals was provided an opportunity to access due diligence information subject to the execution of a confidentiality agreement but declined to do so. However, what Noront did not disclose is that the confidentiality agreement proposed by Noront contained a standstill clause that would have prevented Wyloo Metals from making its initial and subsequent offers directly to shareholders. The standstill clause also would have adversely and inappropriately restricted Wyloo Metals’ rights as an existing shareholder, including by prohibiting it from proposing alternative nominations to Noront’s board of directors, which is unacceptable to Wyloo Metals.
Wyloo Metals notes that its ability to formalize this Acquisition Proposal is subject to the Noront Board’s timely and good faith negotiation of an Arrangement Agreement in line with its fiduciary duties. We look forward to working productively with the Noront Board towards a successful transaction for the benefit of Noront shareholders.