Seeking Alpha – I saw today a very interesting article in the FT about the discussion going on at the SEC about a rule allowing US investors to nominate company directors. Companies at present nominate their own directors. Shareholders have the right to vote, but not to nominate any directors, except through a difficult process that requires them to mail shareholders at their own expense. The new rule would allow large shareholders such as pension funds to nominate up to a quarter of a company’s board members.

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AP – Chinese steelmaker Sinosteel Corp. has taken control of 98 percent of Midwest Corp. and will proceed with compulsory acquisition of the Australian miner, Midwest said.

In a brief statement Wednesday, Midwest said Sinosteel would recommend de-listing the company from the Australian Securities Exchange. The conclusion of the deal marks the first successful hostile takeover of an Australian firm by a Chinese entity.

The exchange released a notice from Sinosteel to Midwest that said the Chinese company had gained a 98.52 interest on Monday, after U.S. hedge fund Harbinger Capital agreed to the Chinese firm’s offer for its 15.2 percent stake.

Also Monday, major shareholders Murchison Metals Ltd. and Armadale Offshore Inc. accepted Sinosteel’s takeover bid, giving up their 9 percent and 12 percent stakes in Midwest.

Sinosteel launched a $1.36 billion bid for Midwest in December last year, and gained a controlling stake in July.

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West Palm Beach (HedgeCo.net) – Emergent Asset Management launched the African Agricultural Land Fund in August 2008, with a second closing to take place in September 2008.

The fund has raised almost €2 billion already ($2.9 billion), and wants to raise a total of €3 billion and is canvassing a range of investors. Minimum investment size is €500,000 for private investors and €5m for institutional investors.

The African Land Fund will offer investors the opportunity to participate in the growing Sub-Saharan agricultural sector.  It will apply modern management disciplines and introduce improved farmland techniques to increase crop yields and investment returns.

Initially, the investment focus will be in South Africa. The portfolio will be expanded within Africa to include (but not limited to) countries such as Botswana, Zambia, Mozambique, Swaziland and the DRC.

Emergent has partnered with Grainvest, a firm of professional agricultural traders and one of the top five participants on the South African Securities Exchange, involved in agriculture locally, including farming, manufacturing, and transport and trading.
 
The Fund’s targeted return is 25% pa and will be denominated in Euros.

The Fund qualifies as a socially responsible Investment in keeping with the co-managers’ investment philosophy, endeavouring to make a positive contribution to the well-being of the local community.

Alex Akesson

Editor for HedgeCo.Net
Email: alex@hedgeco.net

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