Alta Copper Corp ATCUF

What happened to the Shareholders right plan

[Sartos1]

There was a Shareholders right plan ,see news august 11th 2020.

dnt_nr_121_shareholder_rights_and_inchaustegui_aug_11-.pdf (altacopper.com)

That was a big incentive for me to invest in Candente copper. 

What happened to the Shareholders right plan ?????????

The Shareholders right plans was avaible on Candente copper website in the governance section.
Now in the web site of Alta copper there is nothing about shareholders right plan.

[Buffet11]

Sartos1, I remember the discussion about the shareholder's Right Plan on this board quite a while ago and it was said that it doesn't exist anymore. Shareholder's were told they would not need to be protected by it, as they would have the last word in a hostile takeover with their 69% vote power and the backup of the Alta Board Directors.  Of course, if the information is right

[rrr1982]

That might be true, but shareholder let them by not voting. It is not like they hold all the card.

[swpb]

I don't recall any vote on removing the shareholder right plan. No discussion, no mention, no vote. It was simply removed. The plan was in place strictly for the benefit of the shareholders and it was removed when Fortescue did one of their rediculus 5 cent financing and got their director added to the board. Only the TSX allows this kind of transactions.

[swpb]

exactly, the shareholder rights was removed because the directors would protect the shareholders. ha! this fortescue moaneuering is as obvious as day and night, they want candente and they are planning on paying peanuts.

[ForesstGump]

I am sure they would be willing to pay 1.50/share, which is much higher than today's share price.

[swpb]

$1.50 is only 150Million. Here is what Andrew Forrest (Wyloo, Fortescue) paid for Noront Resources. You think candente is worth only 150 million? $616.9-million   Shareholders voted 98.92 per cent in favour of the $616.9-million deal during a special shareholders meeting on March 15. Noront shareholders have another 10 days to decide if they want to

[ForesstGump]

I would love to have more, but it depends on time line and how ruthless Fortescue is going to get.  The project in Peru has been going on too long. They want to raise 10 mil$ once they get their drill permit too.

[rrr1982]

1.50 is a joke, a silly number. There is really no need to discuss this sort of fantasy here. 1.50 is the equivalent of like 50 cent pre split... I remember that back in the days it went from 30 cent to 60 cent in a week. This is just ridiculous talk and should not be entertain even on this forum.

[Buffet11]

It is actually 0.38 pre-split and seeing that we just released an excellent, updated PEA and hopefully close of receiving drill permits, it would be basically "robbery" . But would I be surprised if shareholders would vote in favour? Not really, they cheered Bonifacio on for two years and he is the one who paved the way for Fortescue to  get their hands on this as cheap as possible.

[rrr1982]

and no, it doesnt depend on how ruthless fortescue is.

[ForesstGump]

We'll see what happens before year end, but hopefully they'll move faster now.

[Buffet11]

You would think that with drill permits at hand it wouldn't be really difficult in the current environment and the search for great projects, to find someone to fund us with 10 Mio o get their foot into the door. Of course, this management doesn't seem to be really that interested in attracting  competiition for Fortescue. Why would they sneak in another Fortescue director without

[ForesstGump]

What permits? They didnt get the drill permits yet.

[Buffet11]

ForesstGump, my point is that they tell us that the drill permits should be coming in now any day. So why would we even engage in low ball takeover offers with Fortescue, if those permits would possibly be a game changer when it comes to competing bids. In my opinion the missing drill permits have so far given Fortescue a possiblity to play games and keep the interest of competition at bay

[rrr1982]

Yes, the idea of selling now make little sense. I have been waiting 12 years and i am sure many retailer has. So what is 1 year more when copper price might be twice what it is now? I would rather we have the upper hands then what we have at the moment. Also I am sure the permit will take more time then a few days. I have doubt they will be there before november, but hopefully i am wrong. The

[swpb]

the shareholder rights plan was the first thing Fortescue got rid of. What a surprise???