Rumors of unrest within the hierarchy of Asamera Inc. (TSE) and its minerals subsidiary are apparently not unfounded. Bruce Kennedy, Asamera Minerals’ dynamic ex-president, has left and several other key people could be departing too, including the president and CEO of Asamera Inc., R. G. Welty.
The British-born Kennedy, who lives in Calgary and holds American citizenship, has apparently been shopping around for a new job in Canada or the United States. Late last month he was saying goodbye to Asamera personnel in the U.S at his own expense.
Asamera is now controlled by Gulf Canada Resources which was forced to sweeten its original offer for Asamera to $11.87 from $10.50. The defensive position taken by Asamera to obtain a better deal reportedly cost it $7 million in lawyer’s fees. But the improved offer by Gulf was worth another $56 million.
The question everybody is asking is whether Gulf will hang onto Asamera’s minerals division. Gulf, which purchased Asamera for its Indonesian oil interests, has had little exposure to the minerals sector; so it’s easy to understand the compatibility problems between Gulf, the oil company, and Asamera Minerals, the mining company. Indeed, most people will tell you the two cultures are incompatible.
Apparently Gulf is trying to acquire the rest of Asamera Inc. which might explain why Gulf has not tried to sell Asamera’s minerals division. It’s had plenty of offers for Asamera’s Cannon mine at Wenatchee, Wash., which one insider suggests may have clued the company in to exactly how much gold production is worth nowadays.
Be the first to comment on "Rumors of Asamera unrest"