Morning Richard, it's the weekend!
For any interested in corporate intrigue: A closer look at Barrick and Trizec Hahn.
Directors of Barrick Gold: total 15
BECK, BIRCHALL, MULROONEY, P.MUNK, ROTTMAN, WILKINS, CARRINGTON, COHEN, COSGROVE, EYTON, GILMOUR, McNAUGHTON, NEY, A,MUNK (RELATIVE) AND PRES.,CEO. OLLIPHANT.
Directors of Trizec Hahn: total 13
BECK, BIRCHALL, MULROONEY, P.MUNK, ROTTMAN, WILKINS, POHL, O,CONNER.JR., THOMSON, SIDEBOTTOM, RUFRANO, L'HEUREUX, THOMAS QUINN111(MANAGING DIRECTOR J.P.MORGAN CAPITAL)
EXECUTIVE COMM.(Barrick) :P.MUNK, B.MULROONEY,G.C. WILKINS and unrelated member McNAUGHTON
FINANCE COMM.: (responsible for investment strategies, And Premium Gold Sales program) C.W. BIRCHALL,G.C. WILKINS and McNAUGHTON.
From what I can see, the finance comm. is controlled by Trizec hahn people, the executive comm. is controlled by Trizec Hahn people, and the full board of directors would be controlled by Trizec Hahn people with the support of P.Munks relative, A Munk (formerly of Horsham-precursor to Trizec Hahn) and the support of Olliphant (Pres. and Ceo. ,recently appointed) or any one other director. I think that we could safely assume that Trizec Hahn could control Barrick POLICY (if it was their desire).
One of the first questions that arises is : Trizec directors are in control of the finance comm. of Barrick and determine GOLD SALE POLICY, AND INVESTMENT POLICY.
Barrick has invested a great deal of money obtained from their Premium gold sales policy, HAS ANY OF THIS MONEY BEEN USED IN THE RE-FINANCING OF TRIZEC HAHNS DEBT (CONVERTIBLE AND SECURED BY THE 30 MILLION BARRICK SHARES HELD BY TRIZEC? Trizec has said they were able to save 11 million per anum by this refinancing with an interest rate tied to Barrick's dividend and a basic rate of 1.35 %.
(imo)this would amount to a possible conspiracy for Barrick's gold sales policy (cash for Trizec expansion)but would be limited to the two companies themselves and not necessarily tied to any "outside conspirators".
The second question on their gold sale policy in relation to a possible "external"conspiracy, could be examined through Trizec Hahn's (therefore Barrick's) relationship to J.P. MORGAN CAPITAL . due to the managing director of J.P. MORGAN CAPITAL being a DIRECTOR on the board of Trizec Hahn!
Whether this director or any others on the board of Trizec Hahn were able to influence the finance comm. and board of directors of Barrick into the policys they decided upon is not likely to be ever known. In hindsight the finance comm. and board of Barricks decision seems to have certainly been the correct one for ALL COMPANIES CONCERNED.
this filing has the directors of Barrick. the address for Trizec Hahn is www.trizechahn.com
sedar.com. <http://www.sedar.com/data13/filings/00161315/00000001/c%3A%5Csedardoc%5Ce_circ.pdf> |
