Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:Share Price

[ljp0101]

They couldn't get a takeover across the line at an attractive price. Too many large dissenters that would go for appraisal and I'm sure they don't want discovery given transfer pricing shenanigans here. If one of the two large shareholders needed out, they might buy the block if it doesn't cause an issue with the listing rules, not familiar enough with Canadian law to know what happens. They might try to do some dirty dilutive backstop or convert financing but I think even that will be hard under the current set of circumstances but more possible if TCRCs collapse.

Elephant in the room is the gap between physical premium at market and our "hedge". Will be some fat bonuses in Zug this year off that screw job.