Responding to a press release issued earlier today by Bristol Investment Partners LLC, Jaguar Mining Inc.(JAG,JAG.TO: Quote) said Bristol has deliberately fabricated the content of discussions both with Jaguar's chief financial officer regarding fees paid to members of the special committee and with Jaguar representatives regarding the offer made to Bristol to share details of the strategic review process.
Bristol also selectively quotes from Glass Lewis' report and incorrectly stated that Institutional Shareholder Services (ISS) and Glass Lewis gave the benefit of the doubt to the directors.
In its press release, Bristol incorrectly quotes Roller, Jaguar's chief financial officer, as saying that Bristol's methodology for estimating total costs for the strategic process was reasonable. Jaguar Mining said Roller never made such a statement and in fact was shocked when he saw Bristol's estimate of payments exceeding $750,000 in its schedule 13D. Bristol had no reasonable basis to believe that its fee estimate was correct. That purported estimate was almost four times higher than the fees that were actually charged, Jaguar Mining said.
Bristol's allegation that the company "attempted to force Bristol into entering into an effective standstill…for a period of up to six months" is false and misleading.
The company said it never requested that Bristol sign a standstill agreement as part of confidentiality agreement. In addition, at the time of those discussions with Bristol, it was made clear that the purpose of the confidentiality agreement was simply to bridge the period between the conveying to Bristol of detailed information regarding the strategic review process and the dissemination of that information to the market.
Jaguar said it intends to promptly file a complaint with the enforcement staff of the Ontario Securities Commission requesting that they immediately investigate this matter.
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by RTT Staff Writer
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