Jowdat Waheed
Jowdat Waheed is a senior Canadian mining executive.[1][2][3] Waheed worked as Chief Executive Officer of mining company Skerrit. He resigned, for personal reasons, in 2009.[1]
According to Business Week Waheed has two Bachelor of Science degrees from the University of Pennsylvania, the first, in Economics, from 1985, the second in System Science and Engineering, from 1986.[3]
In early 2010 he worked as a consultant for the Baffinland Iron Mine, a firm with plans to build a huge open-pit mine in northern Baffin Island, expecting to exploit almost $100 billion Canadian dollars of iron ore.[1] Later in 2010 Waheed helped lead a hostile takeover attempt of all of Baffinland's stock. By December 2010 Waheed and his partners had secured a 30 percent stake in Baffinland.
In January 2012 The Globe and Mail reported that some senior executives were suspected of profiting from "insider trading" of Baffinland stock.[1] According to the Mining Weekly Jowdat Waheed and Bruce Walter tried to exploit information Waheed learned when he worked for Baffinland in early 2010 to try to mount a hostile takeover later in 2010.[2] In February 2012 CBC News reported that a hearing before the Ontario Securities Commission had been scheduled for January 2013.[4]
The take-over lead by Waheed competed with a bid lead by European-based mining giant ArcelorMittal.[5] ArcelorMittal's attempt was described as a friendly takeover bid -- while the one lead by Waheed was described as hostile. When the Ontario Securities Commission declined to make a quick ruling over the allegations that Waheed had violated the rules against insider training ArcelorMittal declined to extend the deadline for its takeover bid.[6]
ArcelorMittal and Waheed's Iron Ore Holdings became partners on January 14, 2011.[7] Reuters reported the four month bidding war had tripled the stock price.
References
- ↑ 1.0 1.1 1.2 1.3 Paul Waldie, Tim Kiladze (2012-01). "Baffinland consultant accused of insider trading". Globe and Mail. http://www.theglobeandmail.com/globe-investor/baffinland-consultant-accused-of-insider-trading/article2296473/. Retrieved 2012-03-04. "In documents released Monday, the Ontario Securities Commission accused Mr. Waheed and Mr. Walter of illegal insider trading, alleging they profited from inside information through the prolonged takeover battle which ended in them acquiring a 30-per-cent interest in Baffinland. Mr. Waheed also faces allegations of insider tipping – sharing corporate information that had not been publicly disclosed." mirror
- ↑ 2.0 2.1 Matthew Hill (2012-01-10). "OSC alleges two Baffinland buyers flaunted securities laws". Mining Weekly. http://www.miningweekly.com/article/osc-alleges-two-baffinland-buyers-flaunted-securities-laws-2012-01-10. Retrieved 2012-03-04. "The Ontario Securities Commission (OSC) has accused former Baffinland Iron Mines consultant Jowdat Waheed and business partner Bruce Walter of using insider information to mount a hostile bid for the company in 2010." mirror
- ↑ 3.0 3.1 "Executive Profile: Jowdat Waheed". Business Week. http://investing.businessweek.com/research/stocks/people/person.asp?personId=3729706&ticker=S:US. Retrieved 2012-06-04. "Mr. Waheed received a B.Sc. (Hons) in Economics at the Wharton School, University of Pennsylvania, in 1985 and B.Sc. (Hons) in Systems Science and Engineering, School of Engineering and Applied Science, University of Pennsylvania, in 1986. He is a Chartered Financial Analyst." mirror
- ↑ "Baffinland insider trading hearing set for 2013: Jowdat Waheed and Bruce Walter are directors at mine company". CBC News. 2012-02-16. http://www.cbc.ca/news/canada/north/story/2012/02/15/north-baffinland-hearing.html. Retrieved 2012-06-04. "Representatives for the two men appeared before the an OSC panel in Toronto Wednesday morning. The panel scheduled a full hearing for January 2013." mirror
- ↑ Peter Koven (2010-12-29). "Battle for Baffinland continues". National Post. http://www.nationalpost.com/news/world/Battle+Baffinland+continues/4036475/story.html. Retrieved 2012-06-04. "Nunavut Iron Ore Acquisition Inc., the private company led by former Baffinland consultant Jowdat Waheed, raised its partial bid to $1.40 a share in cash, up from the previous level of $1.35. The company also said it would take up a maximum of 60% of Baffinland shares, more than its prior offer of 50.1%, and added a new proposal to potentially issue warrants to Baffinland shareholders." mirror
- ↑ "ArcelorMittal Says It Won’t Extend Canadian Takeover Offer". Weekly Voice. http://www.weeklyvoice.com/business-news/arcelormittal-says-it-wont-extend-canadian-takeover-offer/. Retrieved 2012-06-04. "ArcelorMittal said on Wednesday it is not interested in extending its Dec 29 deadline for friendly takeover of Canadian iron ore company Baffinland Iron Mines after the steel giant came to know that Canadian regulators won’t be able to decide a legal challenge to the deal by a hostile bidder." mirror
- ↑ Julie Gordon (2011-01-14). "Baffinland conundrum: moving ore by road or rail". Reuters. http://www.reuters.com/article/2011/01/14/us-baffinland-transport-idUSTRE70D4P420110114. Retrieved 2012-06-04. "On Friday, two rival bidders for Baffinland - ArcelorMittal and Nunavut Iron Ore - joined forces to offer C$1.50 a share, or C$590 million ($595 million) for the explorer. Baffinland shares, trading at C$1.53 on Friday, had nearly tripled during their four-month takeover battle." mirror
