A comment on Hoov's post

http://agoracom.com/ir/Noront/forums/discussion/topics/482275-and-now-we-know-why/messages/1550254#message

"In return for the investment, Baosteel faces some limitations. They begin as a 9.9% shareholder, which does not require them to file public notice of their shareholdings. They're just another private shareholder. Although they appear to be free to increase their shareholdings in the meantime (at 10%, they begin having to file Early Warning Notices to SEDAR of their changes in ownership), they may not go to 19.9% before a year has passed. And on the expiry of the 19.9% limitation one year later, a standstill agreement also expires. In essence, Baosteel has agreed to remain a minor shareholder for two years yet, and to not attempt a takeover during that time. So, we have two years to see the fruits of Noront's labours, with respect to increasing value arising from any of the feasibility work, infrasture commitments for the region, exploration activities, or any combination thereof."

I just don’t see E-Nest as large enough to attract Baosteel’s attention. They may want both types of ore. But I see all the chromite in the area as seductive. It is overwhelmingly the new superstar Chromite area plays. Sub 20 million tons of nickel ore is a bonus. The timing issue Hoov pointed out raises a question:

Does Baosteel need to wait two years to make a hostile takeover?

Certainly neither Baosteel nor Cliffs need to wait 2 years to takeover Probe or Fancamp if it is in fact chromite they desire in our little remote area. If Baosteel is in fact chasing both ore, then E-nest goes under FNC land which makes us a supreme target, the way a gnat is to an elephant ear. It’s irritating, but you simply squash it with a twitch.

-sg