It is time to wake up INVESTMENT CANADA
posted on
Mar 11, 2011 08:58PM
Mrstormpay, in a recent blog (11:06:59) “where the hell is the news” he casually mentions, tongue in cheek, and refers to CMM being relocated to London which at first seems a strange reference but……..
On the Canadian Broadcasting Corp.’s programme “As it happens” (March 9, 2011) they had an unusual interview with James Prentice, Vice-Chairman, Canadian Imperial Bank of Commerce concerning the proposed amalgamation between the Toronto Stock Exchange and the London Stock Exchange.His position is that the Bank is opposed to the amalgamation and that this is undoubtedly the most important consideration and decision to be made by Investment Canada.
As I listened to his reasoning …… I was immediately drawn to the situation that Retail Investors of CMM are facing.Foreign investors with multi billions ofdollars at their disposal are manipulating Canadian resource companies to their sole benefit and control.
CMM is a classic example relating to James Prentice’s concerns.If the TSX and London Stock Exchanges amalgamate, the TSX will own 45 % of the Group and hence control of Canada’s investment system and related regulators will be foreign controlled.Listed Canadian Companies could then be beyond the jurisdiction of the Canadian Government and at the mercy of Foreign investors with multi billions of dollars at their disposal..
In addition to those regulators suggested by Positive Carry, March 9th (listed below) and in order to express our concerns over recent events at CMM, I would like to add
Honourable Tony Clement
Minister, Investment Canada
C.D. Howe Building
235 Queen Street
Ottawa, Ontario K1A 0H5
Telephone: 613-995-9001
Fax: 613-992-0302
Email: minister.industry@ic.gc.ca
To their credit, it was Investment Canada who disallowed the BHP Billeton’s takeover of Saskatchewan Potash.
I am still dismayed at Daniel Major’s total about face between his conference call comments and his March 8, 2011 News Release.It smacks of all the concerns that the CIBC Vice Chairman expressed.
I believe that Daniel Major must convene a conference call in the very near future to explain his actions and comments during his first 63 days as CEO and President and the two day 33 % decline in the share price following his news release during the PDAC.I am of the opinion that if he cannot or fails to do so, for the sake of his reputation and a moral responsibility of all shareholders, he should resign.
It is time to wake up Investment Canada.
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