We assume someone must have breached the RNS statement submission security system to do this, but nevertheless there’s a joke release doing the rounds suggesting that Gulf Keystone Petroleum has appointed Simon Murray as chairman.
It’s quite a professional job. See: Read more
At around 8.20am this morning, there was some news from the Theatre-Casino in Zug.
Xstrata had adjourned EGM for the $80bn merger following a “development”. Read more
Bloomberg’s Christopher Donville has combed through Sino-Forest’s regulatory filings and found evidence that its senior executives have sold $83m of shares in the firm since 2006. Excerpt below, with our emphasis:
[Allen] Chan, who stepped down Aug. 28 after the Ontario Securities Commission suspended trading in Sino-Forest, sold C$3 million of stock, the filings show. Kai Kit Poon, with whom Chan founded the tree-plantation company in 1992, sold more than C$30.1 million. Chief Financial Officer David Horsley sold C$11.2 million of shares. Simon Murray, a director and also chairman of Glencore International Plc, sold $10.8 million.
Along with RBC Dominion Securities, Dundee Securities has been the biggest cheerleader for Sino-Forest, the Toronto-listed Chinese forestry operator accused of a massive fraud.
And while it’s put its rating and target price under review ($C34 a share if you were wondering) it still believes Sino-Forest will be exonerated once the independent committee files its report. Read more