Allana Potash Enters Into Arrangement Agreement With ICL

The perches in the flow chart above indicate, top to bottom, ICL, Allana executives, large and recent shareholders, and lastly long term shareholders

.

The big winners are ICL, Allana management, and most importantly and deservedly, the nation and people of Ethiopia.

The biggest single winners are, in my opinion, Idan Ofer and, on a different level, Stan Bharti and Nejib Abba Biya, who have collected, and will continue to collect in myriad ways, mainly in the form of options, NSR reduction payout of $5 million, and 1.5% NSR’s annually for the life of the mine.

In the meantime, small shareholders that invested their hard earned cash early on hope someone with money, fairness and balls enters the fray and takes this project forward and away from ICL, who in my opinion, have demonstrated extremely poor corporate ethics in Israel.

Mr. Dangote and interested other parties such as Chem China come to mind. Please pursue this gentlemen…..

More fodder…believe me, I don’t make this up…..

1.Allana failed to tell shareholders that it had a superior offer from the largest contractor in China;
2.Allana signed a written MOU with this company on 9 March (3 weeks ago).
3.Allana failed to tell shareholders that as of 2 days ago they were drafting investment agreements with the Chinese company.
4. Allana failed to tell shareholders that the “verbal opinion” was drafted by the same banker who participated directly in the negotiation of the Chinese deal and never mentioned it in his so-called valuation of the ICL transaction.
5. Allana failed to disclose that as of last week they were in discussions on the new supposedly $1.5 billion SOP resource with another major chemical company.
6.Allana failed to disclose that they knew the Chinese company was going to vote for the deal this morning and rushed to sign the ICL deal to pre-empt it.
7.Allana failed to disclose that the Chinese deal they don’t want you to know about is in fact with a company of 10x the size of ICL and would have actually provided not just more money for 1/2 of the equity but committed to provide full project funding at no dilution to shareholders.

And a quick dip in the hot tub time machine….such big plans…

https://www.youtube.com/watch?v=zMpWw6bdiFI

Whereas this potash junior actually made them happen…. http://www.google.ca/finance?q=ASX%3AHFR&ei=69YgVfH1EsTUiwL-kIHACA ….and with 60% of the float, over 250% Allana’s market cap, $10 million in the bank, no DFS, no sellout of shareholders…. and no big Daddy, just supportive institutional investors!

– cambodine

Allana Potash Corp.icl

March 26, 2015 19:07 ET

TORONTO, ONTARIO–(Marketwired – March 26, 2015) – Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) (“Allana” or the “Company”) is pleased to announce that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with Israel Chemicals Ltd. (“ICL”), pursuant to which ICL will acquire, through an indirect wholly-owned subsidiary, all of the outstanding common shares of the Company (the “Common Shares”) not currently owned by ICL or its affiliates (the “Transaction”). The Transaction will be effected by way of a court-approved plan of arrangement (the “Arrangement”) under the Business Corporations Act (Ontario). [A conference call with investors will be held on Friday March 27, 2015 at 8:30am EST- please see below for full details].

Conference call webcast here:

http://www.gowebcasting.com/events/allana-potash-inc/2015/03/27/allana-potash-icl-arrangement-agreement/play

Note: all calls/questions were pre-screened and no participants other than 2 Allana executives were allowed to speak

The Arrangement Agreement provides that shareholders of the Company (the “Shareholders”) will be entitled to receive $0.50 in cash, except for Liberty Metals and Mining Holdings, LLC (“LMM”) who will receive the equivalent consideration of $0.50 in ordinary shares of ICL, for each Common Share exchanged. Based on the closing price of the Common Shares on March 26, 2015, the transaction value of $0.50 per Common Share represents a 51.5% premium to Allana’s closing Common Share price of $0.33 on the last trading day before the announcement of the Transaction and a 37% premium to Allana’s 20-day volume-weighted trading price of $0.365/share on March 26, 2015.

Farhad Abasov, President and CEO of Allana, commented “Allana’s Board and management believe that the Arrangement provides a very attractive opportunity for the Company’s shareholders to realize full liquidity at a substantial premium to the market price of Allana’s Common Shares. Allana has developed a very attractive project, but considering the generally challenging financial environment for junior mining companies we would expect the short and long-term financing needs of Allana to include potentially significant dilution to Allana’s current shareholders. We believe that this transaction provides the best liquidity opportunity for shareholders and firmly validates the efforts of the last six years of development by the Allana team. Allana thanks all shareholders and stakeholders for their support and encouragement over the years. We also congratulate the people and government of Ethiopia on this major milestone in the path to the full realization of the project for the benefit of the Ethiopian people.”

Pursuant to the Arrangement Agreement, certain directors, officers and shareholders of the Company (including LMM) holding an aggregate of 13.5% of the Common Shares have agreed to support the Transaction and each has entered into a support agreement with ICL to vote their Allana securities in favour of the resolutions to be passed at a special meeting of Shareholders to approve the Transaction.

The Arrangement is a “business combination” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Arrangement must be approved by (i) at least 66 2/3% of the votes cast on a special resolution by Shareholders and Allana option holders present in person or represented by proxy at the meeting voting together as a single class, and (ii) a simple majority of the votes cast by Shareholders present in person or represented by proxy at the meeting, excluding the votes in respect of 93,986,342 Common Shares, being the votes that may be cast by holders of Common Shares that are required to be excluded pursuant to MI 61-101 which are: (A) ICL and its affiliates, (B) LMM and its affiliates, and (C) Farhad Abasov, the President, Chief Executive Officer and a director of the Company.

The Arrangement was negotiated between ICL and the Company on an arm’s length basis. The Company formed an independent special committee comprised of Mr. Mark Stauffer (chairman), General Lewis MacKenzie and Ms. Betty-Ann Heggie (the “Special Committee”). The Special Committee retained Cantor Fitzgerald Canada Corporation (“Cantor Fitzgerald”) as its financial advisor and independent valuator as required by MI 61-101. Cantor Fitzgerald has provided a verbal opinion that based upon and subject to certain assumptions, limitations, restrictions and qualifications, the consideration payable by ICL pursuant to the Arrangement for the Common Shares is fair, from a financial point of view, to Allana’s shareholders, other than ICL and LMM. In addition, under the supervision of the Special Committee, Cantor Fitzgerald has prepared an independent valuation and has provided an oral opinion that, based upon and subject to the assumptions, limitations, restrictions and qualifications in such opinion, as at March 26, 2015, the fair market value of the Allana Common Shares is in the range of $0.34 to $0.64 per Common Share. The full text of the valuation, which sets forth the assumptions, qualifications and considerations in connection with the valuation, will be available for review on SEDAR at www.sedar.com.

Based on the advice received from its financial and legal advisors, including the valuation and fairness opinion, the independent committee unanimously determined that (i) the Transaction is in the best interests of the Company, and (ii) resolved to recommend that the board of directors of the Company approve the Transaction. The board of directors, with the exception of Farhad Abasov and Yoram Cohen, who declared their interests in the Transaction and did not participate in the vote, unanimously determined that the Transaction is in the best interests of the Company and fair to the Shareholders and resolved to approve the Arrangement Agreement and to recommend that the Shareholders vote in favour of the Arrangement.

The Arrangement is subject to certain customary conditions, including among other conditions, approval by the Superior Court of Justice of Ontario (Commercial List), and applicable regulatory approvals, including the Toronto Stock Exchange. In addition, ICL has made an application and a pre-filing to an application with the securities regulatory authorities of Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland (the “Local Securities Regulators”) in respect of, and the completion of the Arrangement is subject to, (i) ICL and its affiliates obtaining from the Local Securities Regulators an exemptive relief order from certain mineral disclosure requirements under applicable Canadian securities law and from certain requirements under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, including the requirement to file technical reports, with respect to ICL’s existing and future material mineral properties, and (ii) ICL being satisfied prior to closing that ICL will receive an order from the Local Securities Regulators following the completion of the Transaction that ICL will not be a reporting issuer in Canada as a result of the Arrangement. There is no assurance that the foregoing orders will be obtained.

The Arrangement Agreement includes customary representations, warranties and covenants and deal protections provisions. Allana has agreed not to solicit any alternative transactions and to pay ICL a break fee equal to $5.5 million in certain specified circumstances. In addition, Allana has granted ICL a right to match any competing offer. In accordance with the Arrangement Agreement, the closing of the transaction must occur by no later than August 17, 2015.

Holders of options in the Company (“Options”) that have an exercise price less than $0.50 (the “Option Consideration”) immediately prior to the effective time of the Arrangement will be entitled to receive an amount per Option (whether vested or unvested) from the Company equal to the difference between the Option Consideration and the exercise price in respect of such Option (less applicable withholdings and other source deductions) and such Option will be cancelled at the effective time of the Arrangement. All other Options will be cancelled at the effective time of the Arrangement, without any payment in respect thereof. The warrants of the Company will remain outstanding in accordance with their terms.

A copy of the Arrangement Agreement will be available on SEDAR at www.sedar.com. All relevant special Shareholder meeting materials, as well as the location and date of the special meeting will be mailed to all registered Shareholders in due course, as well as being posted on SEDAR.

Allana’s Canadian legal counsel for the Transaction is Cassels Brock & Blackwell LLP. ICL’s Canadian legal counsel is McMillan LLP.

Conference Call Details
Management will hold a conference call with investors and equity analysts on Friday, March 27 at 8:30am EST to discuss the details of this Arrangement. The call-in details are as follows:
Date of Call: Friday March 27, 2015
Time of Call: 8:30am EST
Participant Dial-In #’s : (877) 223-4471- North America (Toll Free and Operator Assisted)
: (647) 788-4922- International (Operator Assisted)
Participant ID # : 85058240#
An audio archive will be available 2 hours after the call at: http://gowebcasting.com/6331.Sourced here  http://www.marketwired.com/press-release/allana-potash-enters-into-arrangement-agreement-with-icl-tsx-aaa-2004245.htm

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35 Comments on “Allana Potash Enters Into Arrangement Agreement With ICL”

  1. An investor who believed the BS. March 27, 2015 at 5:30 pm #

    The headline on the top of this page says it all: We’ve been SCREWED! Shareholder had been led to believe that financing was just around the corner, that SEVERAL lending institutions were VERY interested in getting in on the action, we were told that there was at least one major Chinese construction company willing to build the mine in exchange for a part of the company. These promises ALL turned out to be false, lies and misrepresentations of what was actually happening. Allana potash sold itself to ICL for a measly 50 cents per share, or approximately 167 million Canadian dollars. We were assured that management was looking out for shareholder interests. Yeah right. The Danakil basin is arguably one of the largest potash basins in the world, containing both Muriate of Potash (MOP) and Sulphate of Potash (SOP). Although there is a glut of MOP on the world markets, there is a shortage of SOP which also happens to sell for a large premium over MOP. We had a mine life of 25 years (at 1 MTY of MOP) and 77 years mine life (at 1 MTY of SOP). The SOP alone is worth over 15 BILLION dollars in NET profits over the life of the mine (assuming a profit of 200 per ton of SOP). We were set to be one of the LOWEST COST producers in the WORLD. But we got screwed. Screwed big time. An unbelievably low offer from ICL and Allana management took it. We were told that large fertilizer groups were very interested in our SOP. But we were sold out. For cheap. Real cheap. The truth finally came out at the conference call; no financing, no interested parties … nothing. Just a measly offer of 50 cents per share from ICL. We’ve been screwed.

  2. BruBer March 27, 2015 at 6:08 pm #

    Such a shame…
    Being taken out for pennies…
    Being taken out for the same shareprice ICL payed entering Allana for the MOP in feb 2014.
    Now That Allana got their fantastic SOP proven, you should expect a nice bonus no?
    No idd, we get the same price,so i guess the SOP is worthless, however management
    praised it some weeks ago.
    Being taken out for pennies…because Allana ran out of money, however management stated 5 months ago that their cash position was good for 18 months.
    Management even took a 30% reduction in salary at the start of the year, that is how commited they wanted us to believe they were.
    Well i guess their bonuses and free shares will make up now for 3 months of starvation he Farhad?
    Bonus and free shareplans they allways managed to get arranged however their transparancy was not allways as it should have been.
    Like the details on the first ICL deal, and the 10m for Credit Suisse…but that was a great deal to he Farhad?
    Bonuses and free shares they got by support of groups like LMM.
    And what a coincidence that LMM approves of this deal and gets a personal arrangement he Farhad?
    You scratch my back, i’ll scratch yours….

  3. Gizmo March 27, 2015 at 10:15 pm #

    Unbelievably sickening what Allana has done. The truth will come out and there will be no winners. Shame on all of you in the Allana Executive- you will get your “reward” for selling out hard working shareholders.

    Where is the Ontario Securities Commission in all of this? Maybe the “insiders” won’t be so lucky….

  4. allana individual investor March 28, 2015 at 6:56 pm #

    I am an individual investor. I have been invested in the co. For more than two years. The latest news is a let down by management. It wiped out my hard earned money. Sad to see management give away our money to the vultures who proved their true colours in Israel. Sad to see the same trait in farhad and his management team. A let down … I will join a class action suit against these blood sucking traitors.

  5. post deleted March 28, 2015 at 8:56 pm #

    Surprised u deleted a post by an angry investor. Why? S/he was screwed like all of us by the vultures at Allana’s management. They deserve to be dealt with legally.

    • cambodine March 28, 2015 at 10:20 pm #

      There was no deletion, but I noticed Gizmo’s comments needed approval, so I corrected that.

      • post deleted March 29, 2015 at 1:02 pm #

        That must be a mistake. Sorry. I appreciate you for bringing the facts together for readers.

        • cambodine March 29, 2015 at 1:29 pm #

          Can’t verify what I’m trying to bring into the light as facts, but hopeful the truth will emerge. I’m also very interested what the details of the Feb 2014 offtake agreement agreed to entailed, namely precisely what the massive $10.3 million payout (>40% of the entire ICL investment) to or through Credit Suisse Canada was (who, finally) for, the discount to market price for product, and what date, production level and financial penalties should Allana not produce the required output. Never a reasonable explanation from Allana management with regard to these details, and if this sellout happens we can never find out. We are forced to draw our own conclusions thus.

  6. Disappointed and pizzed off. March 29, 2015 at 2:20 pm #

    Absolutely disgusting deal. Selling the company for peanuts. Allana has a NPV of $2.92 BILLION dollars and was sold for … 160 Million. Something’s not right with all this. We were royally screwed. One of the lowest potash producers in the world. Super low CAPEX and low OPEX. And now they try to make us believe the basin is only worth 160 million. Wake up!!! How many other places in the world can you produce SOP without using the expensive Mannheim process?

  7. goallana March 29, 2015 at 5:37 pm #

    Have been an investor in Allana for almost 5 years. And felt being fooled by the seemingly trustworthy management team. The $0.5 offer is apparently too low and I will vote “NO” with my 6 digits shares.

  8. testing March 29, 2015 at 6:31 pm #

    Sell outs they are. I realize mining investments are risky in nature, but it pains your heart to see management executives such as these ones that would do anything to fatten their wallets by stealing from individual investors who worked hard for their cash. Lost 80% of my initial investment. Sad Sad Sad!!

  9. nutquacker March 29, 2015 at 6:43 pm #

    Very disappointed with this ridiculous situation. I agree with all the previous comments and empathize with those who will lose money if this sellout stands. Such a wonderful resource! Ugh… sold to the lowest bidder, no doubt. I sure hope someone steps to the plate with a better offer so that I can vote “no” with my 305000 shares.

  10. Minh Ngo March 29, 2015 at 7:48 pm #

    I don’t think it’s time to complain ” IT’S BAD DEAL ” . YES , it’s 100% COOKED DEAL by Fahad ‘s and his team , THEY ARE JUST FOR THEMSELVES . So NOW IS TIME TO ASK ” WHAT CAN WE DO TO UNITE ALL OF SHAREHOLDER TO FIGHT BACK . I had over 571k to vote NO.

  11. Minh Ngo March 29, 2015 at 7:55 pm #

    I don’t need to hide my name , it’s ME who had 571k of share . I can tell you guy feeling : I wish this CEO , Bod and all his family get into accident one way or the other .

  12. misled March 29, 2015 at 9:31 pm #

    I don’t feel this deal is fair and will be voting against this deal with a large number of shares over 7 digits and will be buying more before any vote.

    Nutquacker you can vote no and change your vote later if you need to. Don’t vote yes simply because there is no other bidder. Allana management and ICL need to know this deal isn’t fair to shareholders and the only way to do that is to vote against it. Even if there are no other bidders if enough people vote no ICL will need to sweeten the deal. I can’t imagine they low balled us this bad without this in mind.

    I am not shocked the management would sell this company but I am shocked at the price and will listen to nothing this management has to say concerning this deal. I don’t feel I can trust what they say and really have felt that way for a couple of years.

    What was the last price target Cantor Fitzgerald had on allana potash? I know it was higher than 50 cents. I thought it was over a dollar. The only thing that has changed is the project is now more advanced and proven. The target certainly couldn’t have been made based on technical analysis since it was so fucked up.

    I certainly wouldn’t invest in anything they are a part of again. Shareholders were led to believe discussions on loans were going well. According to earlier guidance from this management we should have had an operating mine already.

  13. cambodine March 29, 2015 at 10:53 pm #

    This is also very troubling in my opinion…

    “In addition, ICL has made an application and a pre-filing to an application with the securities regulatory authorities of Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland (the “Local Securities Regulators”) in respect of, and the completion of the Arrangement is subject to, (i) ICL and its affiliates obtaining from the Local Securities Regulators an exemptive relief order from certain mineral disclosure requirements under applicable Canadian securities law and from certain requirements under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, including the requirement to file technical reports, with respect to ICL’s existing and future material mineral properties, and (ii) ICL being satisfied prior to closing that ICL will receive an order from the Local Securities Regulators following the completion of the Transaction that ICL will not be a reporting issuer in Canada as a result of the Arrangement. There is no assurance that the foregoing orders will be obtained.”

  14. SilverknightLV March 29, 2015 at 11:34 pm #

    So much for fiduciary responsibility. Just vote No as all shareholders should.

  15. marcoll March 30, 2015 at 7:31 am #

    What a disgrace, The shareholders have been sold by management for pennies of our value.
    Not getting my vote.

  16. john April 4, 2015 at 5:56 am #

    How do I get involved here? Is there any action planned?

    • cambodine April 4, 2015 at 7:16 am #

      I believe Justin, who administers agoracom’s Allana Potash board is gauging support for action

  17. Victoriainvestor April 4, 2015 at 12:29 pm #

    This is a huge slap in the face of the small investors, many of whom came in early at
    just under two dollars. Confident many of us were that we were involved in a long-term process that would benefit not only us, but Ethiopia and other food producing
    countries. We knew it would take a while but we had faith. That faith seemed
    supported by the company website and releases. That faith, at this poin,t has turned
    to disbelief – with an added dose of anger. At the end if the day can anyone claim that ethics have been maintained? I don’t
    think so.

  18. John April 6, 2015 at 9:28 am #

    The info above about the Chinese deal sounds interesting. Those details sound like something only an insider would know. Where did this information come from and is it reliable or made up. Where did you get those details. I hope that this was not made up by someone in order to once again manipulate the share price. If those details are not factual then perhaps they should not be posted here. Sorry for putting my nose into this but it is important information that needs to be examined if it is true.

    • cambodine April 6, 2015 at 10:41 am #

      The comments were made on IHub and Agoracom and I passed them on here because I find them, although unproven yet, worth noting, given that Abasov admitted the Chinese had submitted an offer in an article I also reblogged here http://business.financialpost.com/news/mining/allana-potash-corp-agrees-to-137-million-takeover-bid-from-israel-chemicals

      “Allana did have options apart from an outright takeover. According to a source, the company was in negotiations to sell a large stake in itself to a state-owned Chinese construction firm that could finance the project. The source said the premium was very significant. But Mr. Abasov argued the Chinese option would be punitive for shareholders.

      “It would be close to 100%, if not more, dilution for shareholders,” he said.”

      Abasov decided for all shareholders that deal would be worse for them than a .50 a share buyout? He also speculated on the CC debt/equity financing would dilute in the order of as much as 300%. How is full financing at a “very significant premium”, even at 100% dilution, assuming Abasov can be believed this time? I guess we’ll never know if the Chinese don’t tell us, so we should just take Abasov’s word for it? Yeah, I doubt there are many out there who have any faith in his credibility given his track record, so looks again like he’s just going to keep this offer under wraps too. Just like the terms of the offtake announced in Feb 2014, namely discount to market, production level and financial penalties payable if potash not produced by a certain date, and the $10.3 million dollar payment for God knows what (>40% of all the ICL first and second tranche financings). Btw, I’m a blogger with no financial support and don’t have an obligation to give what I consider assholes the benefit of a doubt. That said, I referred to the Chinese comments as “fodder”, not proven fact. I think more folks would be better served trying to prove the allegations correct than incorrect. My suspicion was first raised when Richard Kelertas was told of the Due Diligence Meeting posted on the Chem China site and it was removed within hours. I’m thinking there’s a CA Allana’s hiding behind.

  19. john April 6, 2015 at 5:12 pm #

    In the conference call there was no mention of a Chinese offer. In fact I think Abasov even stated that there were no other options on the table. I’ll have to listen to it again. You’re certainly right that the removal of the DD meeting story from the Chem China site is very suspicious.

  20. john April 6, 2015 at 5:53 pm #

    I wonder who Peter Koven”s source is. I think he could make a bigger story if he were to dig a bit deeper. We should all write him with all the grievances we have with this management team. A public examination of other events leading up to today could be very revealing about the way this company does business. The hiding of the Rodinia deal says a lot about this management. I wonder how long it will be before you get a letter from Allana’s lawyers trying to shut down this blog. You are aware that others have been threatened with legal action. They seem to like accusing people of defamation when they defame themselves every time they open their own mouths.

    • cambodine April 6, 2015 at 6:10 pm #

      They have F&M’s well practised in house team of corporate lawyers at their disposal so I suppose it’s easy to rig deals and frustrate or intimidate dissent. And looking at all the complexity of what they’ve come out with or failed to disclose altogether, it would appear they have the highest confidence they’re untouchable. The most recent example of selective disclosure being the Disclosure Letter filed on SEDAR March 31 as a Material Document. In it there are more instances than I can count where they stated names have been redacted to protect personal or sensitive commercial information. It boggles my mind to see all the transactions that have been occurring under shareholders’ noses all this time we apparently have no business knowing about.

  21. john April 6, 2015 at 6:19 pm #

    Funny you mention about their in house legal team. I wonder if they even have all these inhouse resources at F and M. I thought they had lawyers too but they use Cassels Brock to send out letters of intimidation. I read the SEDAR document you mentioned above, at least what wasn’t redacted. I wonder what was so personal or of such sensitive commercial value that it couldn’t be shared with the public. My guess is that revealing those details may actually have been incriminating. That’s just a guess, not an accusation. I wouldn’t dare say anything negative against this management for fear of receiving one of their threatening letters.

    • garry saxby April 10, 2015 at 2:10 pm #

      I own more than 300,000 shares with my spouce and we plan to vote no if there is a reasonable chance to overturn offer. I still cannot log onto agoracom so maybe an alternate source can be presented for us type to keep in contact. My concern that has not been brought up is the effort to keep our shares near the bottom of the price range by bashers. How much has this affected shareprice and offer and who are they working for. Also,it seems my stocktalk has been unavailable since around the time of the offer, saying they are on scheduled maintainence UFN. These posters are known to most of you on stocktalk, so may be a check could be made available to securities by someone. Just one more idea that may shed some light on this subject.
      butthenagain

  22. Dissenters April 11, 2015 at 7:46 pm #

    Garry, please send an email to allana.dissenters@mail.com for info on what we can do and are doing. Thanks.

  23. john April 15, 2015 at 5:20 pm #

    Dissenting will likely bring no affect, unfortunately. Voting will likely bring no affect as well but I will be voting a big NO just because it is the ethical and right thing to do and it will just feel good. I wish I was a lawyer so that I might understand the legalities behind all the spin we were fed the last few years. They talked with certainty that financing was always around the corner. They talked about protecting us from dilution. They said be patient. Good things will come. They made innumerable misleading statements, but were they illegal? Certainly unethical!!! But does hiding behind disclaimers exempt Abasov and Kelertas from legal action being taken for misleading investors with grandiose statements, even 2 weeks before this deal that sold us down the river? I guess the writing was on the wall, as they say. They were found to make false statements before this deal and some were made in private emails to long term investors. The evidence exists but would it hold up in court? So many questions, so few answers. And we are all aware that Allana has taken legal action against certain BB posters or has at least threatened to take such action. Their threats are similar to those who have pumped this company and its management over the years , even in the face of obvious inadequacies or as some may interpret, lies.
    Fighting against the deal is futile, in my opinion. The real fight should probably be centred around the fact that many feel they were mislead by management for so long. Many of us have a library of emails from these fellas , all attempting to string us along for as long as possible.
    Disclaimer: All statements above are not factual and are not intended to disparage management in any way. They are upstanding citizens who would never consider ripping off investors for personal gain.
    EOM

    • cambodine April 15, 2015 at 6:23 pm #

      I’ll second your thoughts John. I got out after Abasov blew smoke up my ass on a CC between me, Kelertas and him after the Feb 12 2014 ICL deal was announced. I have railed against them endlessly in my private group since and suggested it was better to put your money where it might do better. I also shared when I disposed and to what degree and when I bought back in and why. I believe many of these Allana suits may have not seen their balls since their wives snatched them away and jarred them aside their bedside tables many years ago, thus their transgressions against those they had opportunity to manifest against, namely the weakest, innocent retail shareholders, indeed those who brung and fed them. Apparently there is no honour among them. No worries, I learned my lessons, and I will never invest in another company with so much as a sniff of a Forbes and Manhattan hack ever again. They are all dead to me.

  24. john April 15, 2015 at 6:57 pm #

    Well said. I’d be surprised if they have not put their lawyers onto you already. If they haven’t, perhaps it is because you know too much. Perhaps you have something they fear could implicate them. Certainly you were closer to them than the average retail investor. Certainly they fed you more information than others, even if it was bullshit to the umteenth degree.
    I’m fine too. I did well despite the 50 cents but I am still miffed that company execs can get away with the spin and rhetoric without penalty. I personally believe these guys should be in prison.
    Disclaimer: All statements above are not factual and are not intended to disparage management in any way. They are upstanding citizens who would never consider ripping off investors for personal gain.
    EOM:

  25. cambodine April 15, 2015 at 8:13 pm #

    I’m down with that. I saw some very good people lose their hopes and savings to sharks and I’m pretty distressed about it, considering all the lies and opaqueness that’s followed recently. My feeling is they signed a deal with the devil only partially revealed Feb 12 2014 because they lacked the nuts and honour to get the right deal done. My suspicion is the latest deal is partially, if not totally, a spawn of the first wretched deal, if not so much for what it offers, but for the underhanded deals, misdeeds and concealed transactions concealed and, hence, finally sealed from public scrutiny once the dirty deed is done. My guess is the Chinese weren’t so complicit or forgiving, thus the inferior offer was their only choice.

  26. cambodine April 15, 2015 at 8:31 pm #

    The crazy thing is, and I had floated it before to them and other shareholders, there was support for interim funding through existing shareholder share sales to keep them afloat, but they’d have nothing of it. Why they struck this deal when their back was against the wall was predetermined in my opinion, not because they had no alternatives, but because they had dirty secrets to conceal.They were offered every way out of their self painted corner.

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