Wednesday, October 21, 2009

Note to Jack Layton: Korean National Oil to Buy Harvest Energy Trust for $3.9 Billion

Illustration: CAITI Billboard from March 2007

Good work Jack Layton. First it was Abu Dhabi Energy acquiring Prime West Energy Trust. Then it was Hong Kong Billionaire Li Ka Shing acquiring TransAlta Power Income Trust and now we have Korean National Oil acquiring Harvest Energy. Meanwhile where is Jack Layton's proof of tax leakage that was the false and fabricated argument for this insane policy? None of these buyers will pay a dime of taxes in Canada on these conapny's earnings, and are displacing Canadian investors who were happy to pay taxes at the rate of 38%. There's your tax leakage. Tax leakage created by this very policy.

Well done Jack Layton and Judy Wasylycia-Leis:

Korean National Oil to Buy Harvest Energy Trust for $3.9 Billion

By Greg Chang

Oct. 21 (Bloomberg) -- Harvest Energy Trust said it agreed to a C$4.1 billion ($3.9 billion) sale to Korea National Oil Corp.

The buyer will pay C$10.00 per unit for a total cash consideration of about C$1.8 billion, and assume C$2.3 billion of debt. The price represents a 47% premium over the 30-day weighted average trading price of the units on the Toronto Stock Exchange up to and including yesterday.

Last Updated: October 21, 2009 21:12 EDT

1 comment:

Dr Mike said...

Here are some facts that I received from Les P a fellow investor--these concern Harvest Energy.

"Harvest has paid out $21.68 in distributions over the past 7 years to each unitholder (approx. 150 million units). That is $3.252 billion in distributions over the last 7 years , all taxable as interest income."

Ouchhhhhhhhhh--that has got to leave a mark.

Say Jim , what`s your excuse this time.

Dr Mike