Does the TSE listing have any value to them, i wonder ... obviously they liked the assets, and were familiar with how the winds were blowing there, but are they interested in running a public company in a responsible manner, is what i'd like to know
Check out pages 11 and 12 here - sedar.com
' The TSE guidelines also recommend that where a corporation has a “significant shareholder”, the board of directors of that corporation should include, in addition to a majority of unrelated directors, a number of directors who do not have interests in or relationships with either the corporation or the significant shareholder, which fairly reflects the investment in the corporation by shareholders other than the significant shareholder. A “significant shareholder” is a shareholder with the ability to exercise a majority of the votes for the election of directors attached to the corporation’s outstanding shares. Lyndhurst currently holds 64% of the outstanding shares of the Company and, as such, is a significant shareholder of the Company.
The Board is composed of seven persons who have been nominated for election as directors at the Meeting. If all such nominees are elected, the Board will consist of four unrelated directors in Messrs. Buitendag, Holender, Menell and Drever, and three related directors in Messrs. Holmes, Poznanski and Teixeira. The Board views seven members as an appropriate number in order to maximize diversification of experience and geographic representation.'
Well Menell is hardly 'unrelated', he was getting US15k/mo for running the company a while back, and now he will be running Magma ... not that there's anything wrong with that, but you can't call him unrelated ... as for Buitendag and Drever, i dunno, hard to say, but the name of the latter is on this latest release .... do you get the feeling it's a small tight club ..... over one third of the shares are not held by Lyndhurst, maybe lots by 'friends and associates' sure, but they haven't invited me over for dinner so i feel left out a bit -g-
Direct url to the sedars - sedar.com
.. sedar company profile page - sedar.com
.. from the latter - 'Contact Name: Jimmy Kanakakis
Telephone Number: 27 11-454-3099' ... but the mailing address for IR is still a Vancouver one ... whatever happened to Bill Trenaman? .. he was an ok guy imho
You're right i think, at some point they will be motivated to resurrect the shareprice ... they vended in Otterbea for 75-cent paper, and what few options exist are all at .80 [? i think] ... chances are they are genuinely interested in building a serious company out of it, and may well be capable of doing so, but i sure could give them some pointers on information flow |
