Mr. David Stein reports
ABERDEEN CORRECTS INACCURATE SHAREHOLDER LETTER
Aberdeen International Inc. has responded to the material inaccuracies and false allegations in the public letter disseminated by Meson Capital Partners LLC on Nov. 18, 2014. In particular:
- The $2-million private placement financing previously announced on
Nov. 11, 2014, is not substantially subscribed by insiders. Insiders
have subscribed for approximately 19.1 per cent of the financing, which equals
$382,000. Each insider has only participated for his or her pro rata
shareholding percentage and thus no insider will increase his or her percentage interest in the company as a result of this financing. This
level of insider participation is well below the permitted guidelines of
the Toronto Stock Exchange. Further, Aberdeen confirms the private placement has been fully
subscribed. Allegations by Meson Capital that the company's private
placement violates the rules of the TSX are categorically untrue,
misleading and ultimately prejudicial to the business of the company.
- The first time the company was made aware of Meson Capital's interest in
the private placement financing was the evening of Nov. 16, 2014. In
its letter to the company, Meson Capital proposed non-binding terms to
acquire shares pursuant to a private placement and stated, "We have
significantly increased our stake in the last two months as we believe
that the upcoming liquidity event with Landmark should provide numerous
shareholder-friendly capital allocation opportunities." Meson Capital
has never provided the company with a binding term sheet or commitment
to finance. Further, from its Nov. 16, 2014, letter it became
apparent to us that Meson Capital was acting in an opportunistic manner
with an ultimate view to disrupting and altering the business activities
of the company for its own selfish benefit and without regard to the
interests of Aberdeen or its other shareholders. Aberdeen has always
maintained, as set out in its press release dated Sept. 16, 2014,
announcing the non-binding term sheet with Landmark, that substantially
all of the proceeds from the transaction would be used for future
investments in preintial public offering and/or public resource companies, in keeping with
its business model.
- African Thunder Platinum was formed to acquire certain
platinum/palladium assets in South Africa. African Thunder Platinum is
not a related party of Aberdeen. These allegations by Meson Capital are
completely false. Great Lakes Capital is a wholly owned subsidiary of
Aberdeen. Aberdeen currently has two representatives on the board of
African Thunder Platinum to ensure that its interests are protected as
the company is incubated and developed. Aberdeen further confirms that
no officer, director, employee or consultant of Aberdeen has any
economic interest or exposure to African Thunder.
The company believes it is in the best interest of shareholders to remain focused on its current business activities and investment opportunities rather than responding to these materially inaccurate and false allegations. However, given the potentially damaging effects of the actions of Meson Capital, management believes it is important to correct the public record so shareholders are not misled by these inaccurate statements.
We intend to continue to serve the best interests of our shareholders by focusing on our current business activities and investment opportunities.
We seek Safe Harbor.
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