Inco-Voisey Bay Nickel [ T.N.V] Message Board

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Gold/Mining/Energy : Inco-Voisey Bay Nickel [ T.N.V]

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To: Kitskid who wrote (1323)	10/27/2000 12:22:32 AM
From: Kitskid	Read Replies (1) of 1615

Inco doesn't quantify the new warrant's value. Most lotto tickets are worthless and these warrants are away out of the money too. ------------<snip>------------------- northernminer.com - Inco to sweeten VBN buy-back 10/26/2000 With only 76% of the outstanding shares tendered (as of Oct. 16) to its offer to buy back all of its Voisey's Bay Nickel (VBN) shares, Inco (N-T) has decided to sweeten its bid. The company has scheduled a special meeting of its shareholders for Nov. 28 to vote on whether or not the terms of the VBN shares should be amended. The proposed amendments would allow the company to redeem each of the shares for $7.50 cash and 0.45 of an Inco common share warrant with an exercise price of $30 per warrant. The first bid offered $7.50 plus 0.45 of a purchase warrant exercisable at $36. The amendments require the approval of at least 66.33% of the votes. Holders of the class VBN shares will vote separately from the holders of all of the company's voting securities -- VBN shares, common shares and Series E preferred shares. Inco originally made the offer because it wanted to eliminate a "conflict of interest" between its common shareholders and holders of the VBN shares. The offer will be withdrawn if less than 90% of the 26 million outstanding shares are tendered. Just over a week ago, after Inco failed to acquire 90% of the outstanding shares, the company announced that it would extend the closing of the original offer until Oct. 27. Inco has already secured 37% of the outstanding shares via a lock-up agreement with Franco-Nevada Mining (FN-T), the largest single holder of VBN shares. The agreement allows Franco to tender to an offer that is valued at 10% higher than the Inco offer. It also allows Inco to make a counter-bid if a higher offer is made. The Voisey's Bay Nickel shares were created for Inco's takeover of Diamond Fields Resources, the company that discovered the Voisey's Bay nickel deposits. They were meant to provide a vehicle for Diamond Fields shareholders to retain a direct interest in the project (T.N.M. Sept. 11). The shares reached their highest point in 1999, trading at $43.75. However, during the past year they have fallen to between $6.15 and $14.50. They closed at $9 on Sept. 5, the day before the announcement. At presstime they were trading at $9.75. In late day trading on Oct. 26, Inco shares were at $22.70 on the Toronto Stock Exchange, down 35¢ from their previous close.

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