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10/6/11

Calling bullshit on Inter-Citic Minerals (ICI.to)

Holy wow, the stench of BS is so strong you can smell it from the other side of the Pacific Ocean: Here's the NR, here's how it starts:

Mark Frederick, Chairman of the Board of Inter-Citic Minerals Inc. (TSX:ICI) ("Inter-Citic" or "the Company"), reports that the Company has rejected an unsolicited preliminary proposal from a large Chinese mining company to acquire all of the outstanding shares of the Company ("the Proposal"). The Proposal was rejected by a Special Committee of the Inter-Citic Board after consultation with its independent financial advisors and legal counsel. The Proposal, from a company that to the best of Inter-Citic's knowledge is neither an insider nor shareholder of the Company, included an indicative price of between $1.20 and $1.70 per share for Inter-Citic.

You gotta be kidding us here! After all the shady bullshit the market has gone through about Chinese companies these last few months, they're trying to shore up a rapidly fading share price like this? Consider just three things here:

WHO is the phantom bidder? If this is a hostile/unsolicited bid, Inter-Citic (ICI.to) has no reason to keep the name quiet. So c'mon, WHO is this "large Chinese mining company"? Where does it operate? Who's in charge? What kind of assets does it hold? Why doesn't ICI.to feel like shedding some light on the matter?...this is China after all. You seriously expecting us to swallow a Sino-pump wholesale after all we've seen from the scumbag companies operating these in recent times?

WHEN was this bid first heard about? Right now, after the sink in gold price, or has this been on the table for a while? Makes a big difference, especially when the "timing" of this NR today is taken into account (see price chart below).

WTF is that bid price about? My stars, you just got to explain a range of $1.20/$1.70, you can't just leave that hanging there without a word of detail.

All this from the type of junior exploreco that uses the criminal scumbag frontrunning shyster Thom Calandra to promote its cause to the naïve end of the market and sure enough, with just minutes to go before the opening bell (at time of writing) ICI.to shares are up 20% in the pre-mkt.....oh how amazingly lucky for them.

Be clear: IKN calls TOTAL BULLSHIT ON INTER-CITIC unless and until it provides solid details of this extremely convenient and so-called unsolicited bid to the market. Caveat emptor should be writ very large across the name of Inter-Citic for trying cheap stunts on flimsy evidence.