Cliffs Natural Inks Deal With Zenyatta and 3 Stocks Dipping to 52-Week Lows
Cliffs Natural Resources (NYSE:CLF) reports that its affiliate Cliffs Natural Resources Exploration Canada will be acquired by Zenyatta Ventures for the entirety of the Albany graphite deposit. Zenyatta has lately purchased an 80 percent stake in a claim block, by having spent C$10 million on exploration at the Albany project during the past 2 years, and now acquires Cliffs’ remaining 20 percent interest in the claim block referred to as 4F, which includes the Albany graphite deposit. Through the terms, Zenyatta will issue to Cliffs a total of 1.25 million shares, and also grant Cliffs a net smelter return royalty of 0.75 percent on the Block 4F Claims, of which 0.5 percent can be bought at any time for C$500,000. Shares closed up 1.54 percent on the day at $30.95, having been traded in a 52-week range of $30.12 to $78.85.
Diamond Foods (NASDAQ:DMND) said on February 8th, that its former President and Chief Executive Michael J. Mendes, and its former Chief Financial Officer Steven M. Neil had been placed on administrative leave from their positions, without pay subsequent to April 6th. This week, on November 19th, Mendes formally resigned from the firm and will not receive severance pay linked to his resignation. Diamond Foods and Mendes have entered into a Separation and Clawback Agreement, through which Mendes agreed to provide the firm a cash payment of $2,743,400, comprising the total value of his fiscal 2010 and fiscal 2011 bonuses, along with 6,665 shares of Diamond common stock, totalling the vested shares of company common stock awarded to Mendes after fiscal 2010. Mendes and Diamond Foods have reckoned that prior to giving effect to the Cash Clawback, the retirement benefit due to him in a lump sum under the SERP was approximately $5.44 million. Therefore, after giving effect to the Cash Clawback, the SERP amount will be decreased to around $2.7 million, which is expected to be paid in December. On November 19th , Steven M. Neil, Diamond’s former chief financial officer, was formally separated from the company. Shares closed down 0.84 percent on the day at $12.98, and have traded in a 52-week range of $12.90 to $40.71.
Intel Corporation (NASDAQ:INTC) will license patents and acquire assets from the Creative Technology (CREAF) subsidiary Ziilabs in an agreement worth $50 million, according to the Inquirer. Shares closed down 0.77 percent on the day at $19.36, having been traded in a 52-week range of $19.35 to $29.27.
Trina Solar Limited (NYSE:TSL): Suppliers based in Japan and in Europe will transfer solar orders from China to Taiwan in order to avert anti-dumping and anti-subsidization tariffs imposed by the United States and the European Union, says DigiTimes. Chairman Ellick Liao of Taiwan Solar Energy believes that demand in the United States next year will rise to 3.5GWp and China-based makers would share 2GWp. Shares closed up 7.31 percent on the day at $2.35, and have traded in a 52-week range of $2.15 to $12.19.
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