Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

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 > 7 0f 8 directors etc.
View:
Post by rjk1234 on Feb 15, 2023 5:22pm

7 0f 8 directors etc.

As Zincdink points out, the words about this appear on p. 29, second paragraph under the table.   Note that it states "the Purchaser has the right to nominate the seven Trustees proposed..." 
(emphasis mine).   Presumably all unit holders would still have the right to vote for or against any nominees;  presumably non-GC unitholders could also nominate cnadidates for the board.
Comment by schocor on Feb 15, 2023 5:51pm
I believe: It is Glencore  - as the OPERATOR of the smelter - who has to nominate/elect the independant director if they hold more than 10% of the priority units.  Remember that Glerncore, as operator, gets to APPOINT 3 already. There is no shareholder vote on these Glencore directors, they pick who they want (a zinc trader and the CEO of CZE are two usually).  If they own 10 ...more  
Comment by schocor on Feb 15, 2023 11:35pm
Reading this again; it says glencore (purchaser ) has the right to NOMINATE the PROPOSED directors. Shareholders can write in directors.  winning a write in vote when glencore owns 25% of the voting shares is no easy feat; but the ither side has at least 25% too.  quite a corporate soap opera unfolding here. 
The Market Update
{{currentVideo.title}} {{currentVideo.relativeTime}}
< Previous bulletin
Next bulletin >

At the Bell logo
A daily snapshot of everything
from market open to close.

{{currentVideo.companyName}}
{{currentVideo.intervieweeName}}{{currentVideo.intervieweeTitle}}
< Previous
Next >
Dealroom for high-potential pre-IPO opportunities