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Bullboard - Stock Discussion Forum Noranda Income Fund Unit NNDIF

Noranda Income Fund is a Canadian based income trust. The fund owns the electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Quebec. It produces refined zinc metal and by-products from sourced zinc concentrates. The fund's long-term objective is to maximize unitholder value and provide monthly distributions to unitholders.

OTCPK:NNDIF - Post Discussion

Noranda Income Fund Unit > NIF shareholding’s
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Post by Bwrbhk on Apr 16, 2022 5:04pm

NIF shareholding’s

We now have two funds holding a total of 19% of the outstanding shares.  Could be interesting if a bid is made by GC.
Comment by Eric1212 on Apr 16, 2022 6:54pm
Both are wellcoming when i'm approching them. Expect somehow 23-24 % as potential block against GlenCore.
Comment by Scotch12 on Apr 17, 2022 9:46am
My understanding is you need 66.67 percent of the shareholder vote for a takeover.  There are 37.5 million shares outstanding not held by Glencore.  Therefore votes representing 12.5 million shares could effectively block any takeover of NIF even if the "independent" board supported one.  This would prevent a low-ball bid.  I stand to be corrected but that is my ...more  
Comment by Eric1212 on Apr 17, 2022 5:22pm
According to the trust Indenture, it's need 90 % at least post-transaction for a take-over but it's not question of take-over here.   It's question of making changes to the trust Indenture. It's need 66.67 % of casted votes.   Unfortually, there is an unknown quantity of casted votes. But theorically, if glencore vote no and everyone else yes, it's need 25 000 ...more  
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