SA News • Feb. 28, 2014
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Feb. 28, 2014, 8:59 AM
- Two investment banks are threatening legal action against junior miner Western Potash (WPSHF) for allegedly not paying advisory fees, WSJ reports, in an unusual move sparked by a deal that was once hailed as a potential harbinger of Chinese investment into the potash industry.
- Lawyers for UBS and Lockwood Financial separately sent letters to Western Potash alleging nonpayment of fees for an introduction to Cnooc (CEO) subsidiary China BlueChemical or for general advice on raising funds.
Jun. 4, 2013, 2:15 PMWestern Potash (WPSHF.PK) sold a 19.9% stake to a Chinese joint venture, providing needed capital to help build a potash mine in Saskatchewan, but that's not the whole story: There was some highly unusual trading in the stock in the days leading up to the deal announcement, causing at least one analyst to believe the deal was almost certainly leaked. | Comment!
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