WHY oh WHY?
WHY even filed a Purchase and Sale Agreement on SEDAR today. Take a look at Sections 2.2 and 2.3, which basically state that the purchaser will wire USD$750M to WHY in exchange for share certificates representing one hundred percent of the then issued and outstanding securities of the Corporation. Huh???? That is a takeover bid, not an asset sale. How is management of WHY going to deliver 100% of the shares of the corporation, most of which are held by shareholders, and how do the shareholders get paid? This is not even a viable transaction! Never mind section 220.127.116.11 of the agreement, which requires WHY to enter into take or pay agreements on or before the closing date. Take or pay for what and how?
Not that anybody should need any more clues that this agreement is suspect, but the Purchaser's Counsel is listed as "Baker & McKenzie LLP". That firm dropped the "&" from their name last year and is now known as "Baker McKenzie LLP". Also, the Purchaser's address is a home built in 1992 and the email address is @AOL. All of this information is readily available on the web.
This blog is supposed to be about finding value investments in the mining sector. Doing that is a lot harder than finding scams and promotes.