Noranda Income Fund Unit NNDIF

Outlook

[JCW]

It would appear that the February vote should veto privatization of NIF (IMO) and that the March meeting should allow for 4 independent directors to be appointed by the dissident unitholders.
I would like to think that the leading dissidents are organized and have some type of action plan for appointing directors and then to reassess the direction of NIF (ie continue to run under GC or hire others to operate) ......anyone have any insight /thoughts re dissident plans??   I imagine there are some very capable people who would jump at an opportunity like this....JMO

[Scotch12]

JCW they indicated in their press release dated November 24/22, the 4 people they plan to appoint to the board.  All appear to be highly qualified   Two are former CEZ independent trustees  who previously served from 2010- 2020, and there is two from the funds who brought forward the vote. They are Ben Franklin founder of Riverstyx & Christine Man co- founder of LM Asset

[Stocker55]

Ben Franklin founder of Riverstyx & Christine Man co- founder of LM Asset management have (skin in the game).....significant share owerships and will only profit by creating shareholder value for themselves, which will in turn create shareholder value for all unit holders. JP Ouellet and Barry Tissenbaum were replaced with Glencore cronies in 2020. Glencore did not want them on the board

[JCW]

Exactly ....thanks for comments!! Let's see how it all unfolds ......GLTA (dissidents)

[Eric1212]

They didn't know about article 77 of the competition act. Most probably, they have no plan, who could you blame with that opaque management. I do expect them to get on the board and the following weeks/months will be a tons of press release to let us informed of their discovery. I also expect changement in the management (Operation team...).   All that changes is probably the reason

[JCW]

Thanks Eric ...very reassuring to know how strong a hand we have .....

[Eric1212]

There is nothing about being in strong hands or not. It's impossible to build a plan with that glencore opaque outline. Or you just flush it all and restart from scratch. You have to be on the board first and then make a plan.

[JCW]

I did not mean to imply that we are "in strong hands" although it would appear that the proposed directors are capable peiople with good experience in both legal and manufacturing aspects. I meant that we have reason to be optomistic to proceed with efforts to take control of the operation ie a good chance for success. Apologies for any misunderstanding.

[1Stocky]

You may want to consider that half of your "new" board was part of the group that ran this business into the ground for so many years. Things must be really dire if you think that's an better alternative!

[schocor]

Things are quite dire. A new board is the first step in turning this around. GLencore wants to pay us the value for this smelter two years ago; well things have changed quite a bit in the last two years - both negative and positive - at the smelter. GLencore's lowball proposal actually made me angry and more inclined to reject a higher, fairer offer from Glencore.  Meh