Précis: Agnico-Eagle issued convertible debt denominated in US dollars in 2002 at a time when the US dollar was worth $1.588. In 2005 and 2006 most holders elected to convert the debt to shares at a time when the US dollar was worth $1.154. The few holders that did not convert had their debentures redeemed. The transaction resulted in a large economic loss for the corporation however because of appreciation in the share price primarily in late 2005 and early 2006.
R. v. Agnico-Eagle Mines - FCA: Crown wins Pyrrhic victory on appealREAD MORE »