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9:09 pm
Like most others, I am in a position of having to sit back and watch what is going to transpire. We certainly put up the good fight but the reality is that we were overpowered. For those of us who have decided to stay "long", it appears to now be a matter of being spectators ………. OR IS IT ?
After having gone through the hoops of the TSX, TSX-V, BCSC, OSC, Courts it all boils down to a decision from INVESTMENT CANADA a Federal Government Agency of Industry Canada whose mandate is to (as taken from their opening website comment)
Non-Canadians who acquire control of an existing Canadian business ………… are subject to this Act, …………
As I looked through the theme and flavor of the act, it became evident that we are not dealing with the likes of the TSX, TSX-V, BCSC, OSC, or Courts who Finskiy & Assoc. made sure that they complied with regulations.
I remind readers that it was INVESTMENT CANADA (IC) who strapped on their "gonad" and stepped in to stop the multi-billion dollar take over of Saskatchewan Potash. They did this on the grounds that it was not in Canada's best interests to let the control of a major Canadian resource go to a foreign (Australia) company headquartered in another country even though Sask Potash was itself, headquartered in the USA.
Sound familiar ? $15,000,000,000 of Gold in Lamaque ???????
I think that our earlier attempts to contact Regulators and INVESTMENT CANADA was, in the case of INVESTMENT CANADA, premature. In one of my replies from INVESTMENT CANADA they pointed out this very fact. If you'll recall, they stated to some of us that they did not have an application from CMM and WTG but would review the application in compliance with the INVESTMENT CANADA ACT.
Gold is a major Canadian Resource, without question. As Europe, the USA, Greece, Spain, California and on and on struggle with sovereign debt the one "FIAT" (recognized trade-able currency) that stabilizes a countries trading and economic strength is gold. To tie the assets of Century Mining to Russian control headquartered in a third party foreign land IS NOT in Canada's best interests.
To even set this precedent for others to attempt to follow, is unthinkable. We have to admit that Stephen Harper based just on our past observations has his "gonads" strapped on when it comes to acting in Canada's best interests.
I am recommending that we write to INVESTMENT CANADA and without bringing up the shenanigans of Finskiy & Assoc. which were poo poo'd by the Regulators and the Court, simply point out that for INVESTMENT CANADA to allow this Merger in it present format to proceed will not be in Canada' best interests.
I suggest that ….
- the company must be headquartered in Canada.
- majority control by any one syndicate of investors (such as Finskiy & Assoc.) cannot exceed 40 %
- 7 Board of Director members with a majority being resident Canadian citizens.
- of that majority, one member must represent minority retail investors
- ….. and other items, writers would like to see advanced
As I gave this thought, it became readily apparent that all Finskiy & Assoc. had to do was double dot their i's and double cross their "t's" to get past the Regulators and Court. INVESTMENT CANADA is a totally different scenario and I indicate that …
WE ARE MISSING AN OPPORTUNITY
INVESTMENT CANADA may allow the Merger to proceed but they will make sure that Russian interests and actions from the BVI do not control a Canadian Resource asset especially at this time in the world's economy.
I will also suggest that INVESTMENT CANADA would see the advantages of Canada controlling Russian gold assets (Nasedkino, Uryum, Sevikino and other Russian licenses) from a Canadian investor controlled company headquartered in Canada with a majority of Canadian resident Directors. Even Bay Street will buy into this.
Write to and address your positions to
Minister of Industry
The Honourable Christian Paradis
235 Queen Street
Ottawa, Ontario K1A 0H5
Telephone: 613-995-9001
Email: minister.industry@ic.gc.ca
ARE WE MISSING OUR LAST CHANCE ? Yes we are ! Back to work folks. We are not finished yet.
The Merger of CMM to WTG has now become POLITICAL.
IT IS A NEW BALL GAME.
10:40 pm
August 31, 2011
Seriously???
POT is not even _remotely_ similar to the CMM situation.
11:21 pm
April 4, 2011
FREDERICTON, thanks for your vigilance and pro-active thinking. I also suggested in another post that maybe the Canadian regulatory system needs to be fixed too, so that they pre-empt or prevent the ripoff of minority shareholders by such schemes as using RTO-s to bypass regulations for full disclosure. Or for that matter, they don't allow new RTO-created companies (like WTG) with eight weeks of trading history to initiate predatory takeovers.
11:46 pm
BigJohn37 ……. you reminded me of something that I will also include in my approach to INVESTMENT CANADA. As I recall it is the OSC who indicated that they were initiating an investigation of Foreign Investors who attempt to takeover Canadian assets via the back door. i.e. RTO's by questionable means.
As I tried to impart, this has now gone POLITICAL. The rules are not the same as CMM has been playing by up to now. INVESTMENT CANADA reviewing the application from CMM and WTG have to take the RTO concern into consideration.
I am just as critical of Government as the next person but as I thought about it, Canada has too much to lose by allowing syndicates such as Finskiy & Assoc. to have their way with our resources. In the past year, the Canadian Government has been playing more hard ball in a lot of their approaches and policies. I cite the omnibus Crime bill, BHP Billiton rejection, dismantling the Grain Pool, BC/RCMP ultimatum, Banks, …… there is a flavour of attitude developing here …… it is in our best interest to look after our interests, or in otherwords….. we mind our business.
5:24 am
May 2, 2011
May I suggest the following be sent to whom it may concern:
Gold is a major Canadian Resource, without question. As Europe, the USA, Greece, Spain, California and on and on struggle with sovereign debt the one "FIAT" (recognized trade-able currency) that stabilizes a countries trading and economic strength is gold. To tie the assets of Century Mining to Russian control headquartered in a third party foreign land IS NOT in Canada's best interests.
To even set this precedent for others to attempt to follow, is unthinkable. We have to admit that Stephen Harper based just on our past observations has his "gonads" strapped on when it comes to acting in Canada's best interests.
by such schemes as using RTO-s to bypass regulations for full disclosure. Or for that matter, they don't allow new RTO-created companies (like WTG) with eight weeks of trading history to initiate predatory takeovers.
May I suggest for your wise consideration:
- the company must be headquartered in Canada.
- majority control by any one syndicate of investors (such as Finskiy & Assoc.) cannot exceed 40 %
- 7 Board of Director members with a majority being resident Canadian citizens.
- of that majority, one member must represent minority retail investors
2:06 pm
August 31, 2011
Fredericton, in reply to your PM, my point is that POT is not CMM.
For all intents and purposes, POT _IS_ potash in Canada. It practically IS the potash industry.
The federal government was perfectly happy to let SMALLER (but still very large) potash producers get taken over by foreign interests.
E.g., in 2010, Athabasca Potash Inc. was taken over by Australia's BHP Billiton Diamonds Inc. Athabasca Potash was something like a $300+ million company at the time.
And in 2011, the German company K+S took over the $400+ million Canadian company Potash One.
I believe the conservative federal government would have been happy to let POT be taken over … when the takeover attempt was announced, many expected that it would succeed … remember, it was the provincial government in Saskatchewan that was so opposed to the deal and that turned the tide.
Now perhaps the federal government would step in to prevent a take over of multi-billion dollar gold companies like Goldcorp or Barrick Gold.
But a tiny player like CMM? Seriously, I wouldn't hold my breath. It was happy to let Athabasca Potash and Potash One go, and each was well over 10 times the company CMM is.
10:04 pm
A Repost from Agoracom relating to my original post on Stock Igloo…..
…………………………..
1%up and OF…. good stuff. I think the suggestion to contact Members of parliament is an excellent idea. I'm going to do some work on contact emails and publish the addresses. But go ahead if you already know yours.
I recall that it was NT300 who suggested that the Prime Minister's Office (PMO) should be contacted. The PMO is sensitive to anything that casts disfavour on the Prime Minister and the Government.
I'd like to get the press's attention as you suggest. The Globe and National Post are the issues that need to be approached. The theme has to be……
Canadian Resources are being plundered by Foreign Nationals….. with the blessing of the Canadian Regulatory system.
I have the names of reporters who have previously commented in the press which I'll locate on Monday.
This is a wake up call to the Federal Gov't …… and an alert to the Regulators to keep their heads down and a low profile.
This is also a tie to the long standing policy of the NDP. They need fodder to attack the Government and show Canada that the "Orange machine" was more than the late Jack Layton.
It has only been a week since Court approval. CMM are very efficient with their Documentation and News Releases to their benefit so TIME IS OF THE ESSENCE for Minority Shareholders. Approaches to INVESTMENT CANADA and Corporations Canada (all off-shoots) of INDUSTRY CANADA and a few well placed phone calls could slow the rapid process that CMM are hoping for.
The Merger of CMM to WTG has now become POLITICAL. It is a new ball game.
Summary of Actions Suggested
- write a letter to INVESTMENT CANADA objecting to the Foreign investor takeover of Canadian assets. (see original post for initial ideas)
- email a copy to your local Members of Parliament
- email a copy to the Prime Minister's Office
- send a copy to reporters at the Globe and National Post (addresses to follow)
- solicit support from the NDP, email/send copy of email to their members
REMINDER….. Time of of the essence
6:37 am
April 4, 2011
Directing a letter (email) within Investment Canada soliciting an examination of a business takeover is not a clear choice from their website; investincanada.gc.ca
Anyone have an email address suggestionÉ
11:58 am
I have just had a telephone conversation with Minister Paradis' Office.
All correspondence should be sent to minister.industry@ic.gc.ca ….. marked Urgent and Time is of the Essence. Once reviewed by the Minister on the advisal of his staff, it will be directed to the appropriate individuals within Industry Canada which includes INVESTMENT CANADA and Corporations Canada.
If available to you, their Fax # is 613 992-0302
Momentarily, a copy of my letter will be posted on Stock Igloo
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