Welcome to the Equinox Gold Hub On AGORACOM

Free
Message: Re: Concerned Shareholders Ask Century Mining Corporation to Clarify Whether Deutsch

I would be surprised if it were not material information regardless of:

A) CMM received the DB consent; or,

B) CMM did not receive the consent.

The fact that no release was made by CMM to this effect on or about 31 August 2011 is further demonstration of the rush job performed and lack of diligence to minority shareholders, as is the fiduciary duty of the BOD.

If consent has not been obtained this has profound impact on minority shareholders with respect to tax implications. I would be truly upset if I were someone who actually voted yes to the business combination only because I thought Iwould not be adversely impacted by a taxable transaction.

From today's release below:

"The "Original Arrangement Agreement" does not contain provisions with respect to a tax deferral for Canadian residents. In fact, Century noted in its press release dated March 14, 2011 disclosing the "Original Arrangement Agreement" that the Merger "will constitute a taxable transaction for Canadian-resident shareholders and may be a taxable transaction for shareholders in other jurisdictions, with any resulting tax being required to be paid in cash". Century disclosed by press release dated August 9, 2011 that the Amended and Restated Arrangement Agreement had been entered into in order to "to provide Century shareholders with the opportunity to obtain a deferral of taxable capital gains for Canadian federal income tax purposes in certain circumstances". It appears to the Concerned Shareholders that the Century Circular is advising Century shareholders that the tax deferral will not be available if White Tiger has terminated the Amended and Restated Arrangement Agreement as a result of the DB consent not being delivered to Century by August 31, 2011."

Share
New Message
Please login to post a reply