Friday, November 21, 2014

Bharti Boyz do it Again

Post says minority shareholder rankled by Aberdeen move

The Financial Post reports in its Thursday edition Aberdeen International plans to raise $5-million over the next five years. The Post's Barry Critchley, writing in Off the Record, says Aberdeen says it will invest the proceeds in "quality developed mining assets in mining friendly jurisdictions." Aberdeen says it agreed to invest $4.67-million into a privately held Mauritius company, African Thunder Platinum.
Then, one investor, Meson Capital, a San Francisco entity run by a Canadian, Ryan Morris, got involved. Mr. Morris has written to Aberdeen and also to the Toronto Stock Exchange about a "pending dilutive private placement." Mr. Meson, who owns 9 per cent of Aberdeen, was concerned about the sale of units at 20 cents, which he says is about half the 39.8-cent net asset value per share Aberdeen tallied as of July 30. Mr. Meson noted African Thunder "appears to be a related party to the company, a fact that was not disclosed," when the transaction was announced. He also noted African Thunder's parent "appears" to be Great Lakes Capital Management. A Google search shows that five of the seven Aberdeen directors are also directors at African Thunder. Mr. Critchley says Aberdeen declined comment.
What do we have this time? Very, very obviously this is a "non-arms length" transaction and that being so it needs to be vetted (independently) by the Co BEFORE being entered into. Basically these BhartiTards are flipping off Aberdeen paper for half what its worth for their arsesome new "investment".

Its a loooooong record of Forbes and Manhattan doing this as normal business practice. It makes a body wonder, truly, why a public monkey throws a single cent at the BhartiTards.

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