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 (1465)	11/28/2000 11:01:47 PM
From: Kitskid	Read Replies (1) of 1615

VBN RIP This mine isn't going to be developed soon. It's on the back burner until the political nincompoops in St. John's realize the world isn't flat. ---------------->snip<-------------------------- northernminer.com Inco wins 85% shareholder approval for VBN buy back 11/28/2000 At a special meeting of shareholders in Toronto, Inco (N-T) today won 85% approval to amend the terms of its Voisey’s Bay Nickel (VBN) shares. The amendments only needed the approval of two-thirds of the votes cast by holders of the VBN shares and all of the company's voting securities, representing the VBN shares, common shares and Series E preferred shares. The holders of the VBN shares voted separately. The changes allow Inco to compulsorily redeem each of its Class VBN Shares for $7.50 cash and 0.45 of an Inco common share purchase warrant, according to its initial offer of Sept. 5. This offer was sweetened when the strike price of a whole warrant was lowered to $30 from the original $36. Inco’s plan to buy back 90% of the issue (for the purpose of retirement) has twice been thwarted. A group of New York-based investors described the offer as unfair and urged holders of VBN shares not to tender them to the nickel giant (T.N.M., Oct. 16-22). The New York group says Inco "is counting on long-suffering VBN shareholders to tender their shares for a fraction of their potential value in anticipation of renewed negotiations to develop the massive Labrador project." Before the amendments, VBN shareholders were entitled to receive 25% of the unallocated cash flow from the operations of Voisey's Bay Nickel, the Inco subsidiary created to operate the project. The VBN shares were created in 1996 to facilitate Inco's takeover of Diamond Fields Resources, which discovered the Voisey’s Bay nickel deposits in Labrador. The 25.9 million shares were meant to provide a vehicle for Diamond Fields shareholders to retain a direct interest in the now-stalled project. At presstime, the VBN shares were trading at $10.50 on the Toronto Stock Exchange.

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