Noranda Income Fund Unit NNDIF

not necessarily a done deal

[rjk1234]

The locked up unitholders represent about 22% of the priority units or about 17% of the total units of the Fund.   Approval of the takeover bid ..........    "will require the approval of: (i) 66 2/3% of the votes cast by the holders of the Fund’s priority units and special fund units voting as a single class; and (ii) a simple majority of the votes cast by holders of the Fund’s priority units after excluding ......................"

For requirement (i)  Glencore votes  plus locked up votes total approximately (17 + 25) = 42%   So if everyone else does vote and all of them  vote against, the bid is rejected.  Not likely, but possible!  need to wait and see!