What Adrian Day Thinks of Ian Telfer’s Bonus Payment Scheme

By Otto Rock

Excerpted from the latest edition of “Adrian Day’s Global Analyst”, dated March 9th (edition 720) and following on from the news, as seen on these humble pages a couple of days ago, that Telfer has unilaterally tripled his change of control payment in light of the Newmont takeover:

“To triple Telfer’s payment right before the acquisition is one slap in the face too many, an insult to shareholders. We intend to vote against the merger with Newmont if this payment is not rescinded. We have no voice in these payments, so this is our only way to make our position clear.”

Well said, Adrian Day. We only hope that more Goldcorpse shareholders will join his cause and make it clear to these self-serving toerags that unless this graft is withdrawn, they don’t get the votes.

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Newmont Buys Goldcorpse

By Otto Rock

…and with this deal, David Garofalo cements his reputation as the luckiest mining executive in the world. Because it wasn’t talent that made him rich.

There are many ramifications to this (NR here), but one small one that keeps floating back to my mind is how worried CNL.to must be now. Another would be that WRN.to must be happy. Another, bet you that Bristow tries for the 40% od Pueblo Viejo they don’t own. Lots of things, here.

The other angle that comes to mind is B2Gold, as it’s no longer whether but when it gets bought out. And while thinking about suitors, don’t overlook Barrick, as having Top Dog status snatched away so quickly by Newmont/Goldcorpse (anyone for Newcorpse?) won’t go down well with somebody who’s idea of fun is shooting large animals and posing for photos next to their dead bodies.

PS: On reflection and if ever faced with the choice of buying one or the other, there’s no contest. I’d take Randick over Newcorpse every single time, the latter is going to become one bloated corporate pig.

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