Noranda Income Fund Unit NNDIF

RE:RE:RE:RE:RE:I am Guessing Higher Offer - Any Guess as to New Bid

[schocor]

There is a clause in the founding agreement though; paraphrasing from memory: 

If Glencore owns more than 10% of the priority units, they get to ELECT the 4 director

If Glencore owns less than 10% of the outstanding units (currenyly believed to be the case), they get to NOMINATE the 4 independant directors

There are about 50M priority units. So it Glencore has been able to buy 10%, then they get to ELECT the directors; meaning that the vote for new directors on March 28th would be moot. 

I think Glencore woudl haev to early warn as soon as they hit 10% , hwich makes me think they have not yet reached that level. 

I saw - Vote for new directors. VOte for any ammendments they want to make at the AGM.