Noranda Income Fund Unit NNDIF

Todays PR - Contracts and Terms

[schocor]

Todays PR largely reflects the talking points that the independant directors notes to me on the call earlier in the week; I encourage everybody to reach out to kingsway to set up you own call. 

Of note, MANY of the options explored by the "independant trustees" centered around contractual terms. This points to the fact that as a shareholder I have no idea what these terms ARE, but the independant directors clearly noted it as a problem. 

GLencore does alsot of things on unitholders behalf; as the PR noted finished goods trading, concentrate sourcing are two major tasks. However, if the terms of thes deals are onerous to shareholders....well we will never know. We have to deduce from financial statements what the contractual North American premium is that we are getting - ditto for copper and sulphuric acid production. 

Glencore, in this PR today, is noting that the unit holder structure (still an income fund) limits the funds availability to raise capital. Well...CHANGE THE UNIT HOLDER STRUCTURE. duh. 

GLencore "scare PR" today just again points to the fact that we need independant directors to get on the board and actually tells us what is giong on. We re-negotiate an offtake/sales agreement in May (or get paid spot TCF's if we dont). Maybe we will get some insight then - but we need to elect new directors. FIRST. 

GLencore wont scare me out of my shares.