Investors in North American Palladium approve Brookfield recap deal
Investors in North American Palladium Ltd (NAP) (TSX: PDL), a Toronto-based precious metals producer, have approved a previously-announced recapitalization agreement with Brookfield Asset Management‘s private equity group. Debenture-holders voted 97.56 percent in favour of the transaction, while shareholders voted 80.63 percent in favour. As a result, amounts owing to Brookfield will be converted into equity, giving the firm 92 percent of NAP’s outstanding common shares. With the deal’s closing, the board of directors will be reconstituted to include Brookfield Managing Partners Peter Gordon and David Nowak. NAP is focused on its flagship Lac des Iles palladium mine in northern Ontario.
30 July 2015•6 mins read
