I and a few others on HC ended up with these Canadian stinkers...

I and a few others on HC ended up with these Canadian stinkers after Elkedra (EDN) was rolled in a friendly (read "clueless") merger with Vaaldiam. Now the shafters are becoming the shafted in a hostile takeover bid. Couldn't happen to a more desrving bunch of blokes. Hope all you former Elkedra clowns (directors etc) who took up cosy positions with Vaaldiam get totally screwed in the process.
Me I'm just happy to off load without finding and paying a Canadian broker!!!

I hope this Michael Bailey guy writes an algorithm that consigns these incompetents into oblivion. Hopefully he will trigger a bidding war?


UPDATE 2-Michael Bailey makes hostile bid for Vaaldiam
Mon Feb 1, 2010 3:25pm ESTStocks
Vaaldiam Resources Ltd.
VAA.TO
$0.04
+0.00+14.29%
12:00am UTC+1100
Tiomin Resources Inc.
TIO.TO
$0.04
+0.00+0.00%
12:00am UTC+1100
* Offers comes after Vaaldiam-Tiomin deal

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* Bailey offers to pay $0.07/shr in cash

* Tender offer to expire on March 1

* Vaaldiam to consider offer if formally made

* Vaaldiam shares more than double (Adds details, response from Vaaldiam)

Feb 1 (Reuters) - Investor Michael Bailey on Monday made a hostile bid to acquire Vaaldiam Resources Ltd (VAA.TO) for about $19.3 million in cash, barely two weeks after the minnow diamond miner agreed to be bought by Tiomin Resources (TIO.TO).

Shares of Vaaldiam more than doubled to 5.5 Canadian cents in afternoon trade on the Toronto Stock Exchange, before trading was halted.

Vaaldiam said it had no prior knowledge of Bailey's proposed bid and is therefore unable to make any decision regarding the bid or its validity.

The miner, however, said it will consider the unsolicited offer if it is formally made.

Vaaldiam, which has two mines in Brazil and advanced-staged diamond exploration projects in that country and Canada, also advised shareholders not to deposit shares to Bailey's offer.

Bailey, an algorithmic trader, along with entities controlled by him, offered to pay 7 cents per Vaaldiam share. The offer expires on March 1.

"Entities controlled by Michael Bailey currently own a minority stake in the company and they are now making a hostile bid to acquire 100 percent of the outstanding company stock with the intention of taking the company private," the bidders said in a statement.

On Jan. 18, Tiomin announced plans to acquire Vaaldiam in an all-share deal, offering 0.80 Tiomin share for each Vaaldiam share.

Tiomin's offer is valued at 2.4 Canadian cents for each share of Vaaldiam, based on its Jan. 15 close. Tiomin also owns 8 percent stake in Vaaldiam. (Reporting by Koustav Samanta and Ashutosh Joshi in Bangalore; Editing by Anne Pallivathuckal)