Noranda Income Fund Unit NNDIF

the whole thing reaks

[Scotch12]

Is anyone else incredibly suspicious about the whole way things transpired.

1.  We recently learn the company has been exploring selling its assets since March 2022.  But they never thought this information was material enough to share it with 75% of the owners of the said assets.

2. The former all happens in a period where the company is expected to enjoy huge TC's and tremendous competitive leverage, because of their cheap hydro and new renovations to the plant.

3.  During this period for the first time in 50 years the smelter needs a massive expensive over-hall.

4.  Fed-up, two funds indicate, in November 2022, that they want a meeting to replace the so-called independent board.  Management advises that they will have a meeting, but for reasons that are unclear it will be in over 4 months. This despite it being a forgone conclusion that they will lose the vote.

5. In January 2023 management advises shareholders that Glencore (who they work for) is  buying the company at a bargain basement price.  However, they are able to schedule a  meeting for  less than two months form that date.  Which conveniently is before the date of the meeting to oust the seemingly ineffective board.

6.  Though the company portrays their assets as being in terrible shape  Glencore is apparently the only entity who is offered to purchase them. No mention is made of a public sale of the assets, nor seeking the latter to include removing the onerous contract they have with Glencore in such a sale.