Stang
I appreciate the vote of confidence, but I will save Mr. Jacobs from having to think of how to tactfully decline your proposal, for obvious reasons I could not logistically attend the meetings. I assume the BOD does not meet more than once a quarter and I would gladly throw my name in the hat if I did not live 4,000 miles away. If Pyng would ever appreciate to say US$15/share I would be in a position to reconsider your potential nomination.
I do think that it would be a true shareholder moral builder to allow the shareholders to elect an independent Board Member, as I am sure there are others that live in British Columbia or the Northwestern US that would jump at the chance and provide the minority shareholders with a voice. I have said before Ed Richmond would be my choice (he has declined the invitation previously but who knows if Jacobs agrees to the election of a independent BOD member he might reconsider). He is retired, has a good relationship with Jacobs but has shown the "balls" to speak out for what is right and believes in the story enough to have invested.
The present BOD membership regardless of their individual merits could never overcome the appearance of being Mr. Jacob's puppets. Mr Lukowski (Production Manager of Candian Profiles) works for Mr. Jacobs. I do not know the relationship between Mr. Jacobs and Mr. Turner(Director since Nov 1986) but Mr. Turner is listed as owning only 3,500 shares of Pyng as of Sept 1998. Why would an independent person serve on a BOD for almost 13 years if he did not believe in the company's story enough to invest in it's stock. I can see no practical reason for him to oppose the "ramroding" of decisions that are detrimental to the minority shareholder's interest.
An independent BOD member would at least give the outside shareholders a voice. I would want the independent BOD member to have a significant commitment to Pyng via shareholdings so we could be sure they have common interests with us little guys. By significant I mean significant to the individual not just gambling money.
I fully support your idea Stang, I would vote for you or any number of people who have shown a geniune interest in representing the shareholders. How about it Stang, Ari, LOR, Gary, Paul, others you interested in being the shareholder's representative on the BOD of Pyng Technologies? |
