Semafo (SMF.TO) no longer controlled 50%+ by Managem
On page 12 of Semafo's annual meeting notice is this:
"Until December 21, 2005, Managem S.A. ("Managem"), a Moroccan company, was the majority shareholder of the company. At that date, Managen sold a portion of the Common Shares to a third party, following which it was no longer considered an 'informed person'... Managem had also been the manager of exploitation activities at both the Company's mining projects. Managem duly assigned, in favour of the company, all of its rights and obligations under the operator agreements between Managem and the subsidiaries of the Company that own the projects."
That is, Managem is no longer majority shareholder of Semafo, due to selling some Semafo stock to "a third party", and it's no longer the contractual gold-exploration manager in Niger and Guinea.
Managem itself is a north African mining group controlled by the Groupe ONA (also Moroccan) which is reputed to be controlled by the Moroccan royal family. It's traded on the Casablanca Stock Exchange as MNG.
