Noranda Income Fund Unit NNDIF

the whole thing reaks

[Scotch12]

Is anyone else incredibly suspicious about the whole way things transpired.

1.  We recently learn the company has been exploring selling its assets since March 2022.  But they never thought this information was material enough to share it with 75% of the owners of the said assets.

2. The former all happens in a period where the company is expected to enjoy huge TC's and tremendous competitive leverage, because of their cheap hydro and new renovations to the plant.

3.  During this period for the first time in 50 years the smelter needs a massive expensive over-hall.

4.  Fed-up, two funds indicate, in November 2022, that they want a meeting to replace the so-called independent board.  Management advises that they will have a meeting, but for reasons that are unclear it will be in over 4 months. This despite it being a forgone conclusion that they will lose the vote.

5. In January 2023 management advises shareholders that Glencore (who they work for) is  buying the company at a bargain basement price.  However, they are able to schedule a  meeting for  less than two months form that date.  Which conveniently is before the date of the meeting to oust the seemingly ineffective board.

6.  Though the company portrays their assets as being in terrible shape  Glencore is apparently the only entity who is offered to purchase them. No mention is made of a public sale of the assets, nor seeking the latter to include removing the onerous contract they have with Glencore in such a sale.

[schocor]

Glencore will not give us a fair deal and s a resukt i will be voting again the buyout and for the new directirs. Glencore is trying to gashlight us into believing that the zinc market TODAY is as it was TWO YEARS AGO. Nope, its not at all. The last year is completely different from the year before.I want to be paid todays value, they want to pay me two years ago value.  We need a new

[Deev86911]

Glencor has been manipulating the stock for so many years. I think the only reason why they give a divvy at the end of the year is just cause they have to show something due to they're manipulation which only allowed cumulate losses for I think five years which they can write off. Soon as we said we wanted to vote on an independent board that triggered them wanting to buyout because they know

[ckwong]

Just a back of envelop calculation using total shares of 50M. It is from TMX web site. I think it should be 64M. Let's say 64M at C$1.40. It is just under C$90M. Any investment firm can scoop it up easily.  So there is a good chance for another bid unless GC allied with all bidder to get it cheap. Then there can be a law suit.

[JCW]

Good recap Scotch ....exactly right!!! I can't imagine who the latest press release was intended to impress/influence ....Is there anyone who doesn't know the game at this stage???? And I kinda think that Kingsdale and GC are the same ILK ...JMO

[rjk1234]

good summary Scotch! What do they mean by "highly leveraged"??  From the Q3-2022 balance sheet it looks like they could wind it all up, sell the  inventory ($220Mm),  pay off the ABL debt (152Mm,),  collect the money owing and  pay the bills and pay off other non-current  liabilities and still have enough cash left to pay out  roughly $1.40  for

[ZincDink]

Don't forget the 73 M$ gain in hedges