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KELOWNA, BRITISH COLUMBIA–(Marketwired – April 5, 2013) - FISSION ENERGY CORP. (“Fission” or the “Company”) (TSX VENTURE:FIS)(OTCQX:FSSIF) and its Limited Partner, the Korea Waterbury Uranium Limited Partnership (“the Waterbury Consortium”), are pleased to announce that the Winter 2013 drill program on its Waterbury Lake property is now complete. A total of 68 drill holes and 11 restarts were completed comprising 21,012.9 meters. The program focused on the delineation and growth of the J Zone. Drilling was segregated into areas A, B and C within the J Zone (see attached map) and the primary objective was expansion of the zone both west and north of the known mineralized area. Area C drill results recorded significant mineralization in several holes, including widths of up to 22.5m (WAT13-346).
LEUVEN, BELGIUM–(Marketwire – Aug 31, 2012) – Option N.V. (EURONEXT Brussels: OPTI; OTC:
Here is the original post: Update: Option reports First Half Year 2012 results
MADRID — Spain will ask for a bank bailout from Europe, becoming the fourth and largest country to seek help since the single currency bloc’s debt crisis erupted.
Economy Minister Luis de Guindos said Saturday the aid will go to the banking sector only and so would not come with new austerity conditions attached for the economy in general.
He gave no figure as to how much Spain will request, saying that he would wait until independent audits of the country’s banking sector have been carried out before asking for a specific amount. …
CALGARY, ALBERTA–(Marketwire – June 7, 2012) - Painted Pony Petroleum Ltd. (“Painted Pony” or the “Company”) (TSX VENTURE:PPY.A) is pleased to announce details regarding the re-designation of its Class A Shares into common shares (“Common Shares”) (the “Re-designation”) and the change of its stock symbol on the TSX Venture Exchange (the “TSXV”) from “PPY.A” to “PPY”. The Re-designation was approved by the shareholders at Painted Pony’s annual and special meeting of shareholders held on June 6, 2012. The Re-designation will not result in any substantive change to the existing rights, privileges, restrictions or conditions attached to the Class A Shares.
Mining firm’s chief executive, Mick Davis, could receive £50m in deal packaged with vote on takeover by Glencore
The figure of up to £50m over three years, or £45,000 a day, is rumour. But it is clear Mick Davis is about to be handed a very large retention package to stay at the mining firm Xstrata after Glencore’s intended takeover of the company.
What’s more, it seems likely that the reward for Davis, chief executive of Xstrata, is only part of the story: Glencore wants to retain the bulk of Xstrata’s management and so will also shower rewards on others there.
Are we talking £100m all in? £200m? More? Much more? All will be revealed when the prospectus is published this week. But we know already that no performance conditions will be attached to the payments. Davis & co will simply have to turn up for work for three years and get on with their job of running 150 mines around the world.
Just in case Xstrata shareholders are minded to protest about this arrangement, the retention payments will be wrapped up with the vote on the all-share takeover itself.
In other words, if they want to kill Big Mick’s payday, then they will have to kill the deal itself. The chances of that happening are judged to be tiny, since the Qatar Investment Authority has discovered a large appetite for Xstrata shares and has emerged, in the last couple of months, with the largest stake besides Glencore’s 35%. The QIA is said to be a big fan of the deal and its promised savings of $500m.
The would-be refuseniks in the ranks of Xstrata’s shareholders appear resigned. They don’t like the takeover terms, they don’t want to own shares but they think Glencore’s chief executive, Ivan Glasenberg, will bag his prey; thus several have been happy to feed the QIA’s buying.
Unsatisfactory? That’s life in the rough-and-tumble world of mergers and acquisitions, it might be said.
Yes, it is true that everyone knew Glasenberg’s intention in floating Glencore last year was to get a transparently valued acquisition currency so as to pursue his long-held ambition of buying the rest of Xstrata. Nor can anyone be surprised that the terms (2.8 Glencore shares for every Xstrata share) look less than generous.
But Xstrata’s shareholders had the right to expect an insistence on the part of their independent directors, led by the chairman, Sir John Bond, that any retention payments had performance conditions attached.
The principle is straightforward: align management’s interests with shareholders. What if, post-takeover, Glencore’s commodity traders lose their magic touch and Glenstrata shares disappoint? Former Xstrata shareholders will regret the deal but Davis & co will profit from it: that’s a basic misalignment.
And, please, spare us any plea that the retention payments will be share based. If the starting point is several tens of millions of pounds, the recipient can tolerate a slippage in value. The arrangements, if confirmed, stink.