The END20 Aug 2019 09:48
This vehicle for lining the pockets of Mr MNG has reached the end of the road. As I was saying in my previous posts the aim was to extract as much profit as possible out of the company through related party transactions and saddling it with debt. Now through a suspect crisis there was another engineered fall and the time to strike has come. AIM and especially miners is a fools errand. These s$isters have seen an opportunity to royaly s$rew PIs and they've taken it.
The statement below is basically saying that the so called special and independent committee all lackies of Mr MNG are going to provide a veil of legitimacy to the process of fleecing PIs. Just to enforce the message, in case anyone was thinking about complaining, there is a reminder that the UK's City code on. Takeovers and Mergers does not apply here. Just in case you thought of screaming murder here.
"The board of directors of the Company has established a special committee (the "Special Committee") comprised of all of the independent directors of the Company. The Special Committee has a mandate to conduct a detailed review and analysis of the Acquisition Proposal and to identify and consider alternatives that may be available to the Company, with a view to determining whether it is in the best interests of the Company to support the Acquisition Proposal and the transaction contemplated therein. The Special Committee has engaged independent legal counsel and is in the process of engaging independent financial advisors to assist with its review. In particular, the Special Committee plans to obtain an independent valuation that will be required under Canadian Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Investors are reminded that the Company is not subject to the UK City Code on Takeovers and Mergers."
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