MONTREAL, Aug. 26, 2020 /CNW Telbec/ - "At the same time as Minister Fitzgibbon and Investissement Québec were plotting their offer for Nemaska, the minister nevertheless affirmed that the company was worth nothing, that lithium had no future, that the company should never have been on the stock exchange and that he would never put any money into it. Obviously, these words were intended to take control of half of Nemaska assets dispossessing 25 000 Québec families who had supported the company," according to Alain Clavet , president of the Coalition des actionnaires de Nemaska . Rarely does cynicism reach such proportions.
Minister Fitzgibbon discouraged investors. Six of the seven qualified bids were abandoned. At the end of the day, the offer from Investissement Québec and Pallinghurst to buy the assets and dismantle Nemaska was the last one standing. Promises were betrayed, Quebec shareholders are cheated. Not only did individual shareholders lose everything, although they collectively represented the majority of the stock at around $ 100 million (more than Investissement Québec), but the offer also denies existing individual shareholders' participation in the "new Nemaska". The offer announced on Monday will give Quebec a bad reputation. Investors will refuse such political interference.
Pierre Fitzgibbon made every effort to denigrate Nemaska. "Patente à gosse, Christmas tree that went out of order, a gizmo that doesn't work, a very, very poorly put together project ... All qualifiers that harmed the company's survival. In fact, with his words, he dug the company's grave," Mr. Clavet concluded. "Ironically, Investissement Québec, to win the sale & investor solicitation process, must extend an additional $ 300 million!"
The ploy was simple: denigrate Nemaska to scare other investors away and get it at a discount! Mr. Minister, the government shouldn't be managed like that. The Regroupement des actionnaires de Nemaska is studying the various remedies to remedy this injustice.
SOURCE Regroupement des actionnaires de Nemaska
For further information: Alain Clavet, Chairman of the Board, [email protected], (905) 367-8419