Hello Gemsearcher
No much to ad other than CJ offered his opinion in a recent interview which was that "WSP's Snap Lake kimberlite almost certainly extends onto SUF claims at depth."
On a seperate note, this from the SUF web site:
Globe and Mail Newspaper, Tuesday, August 15, 2000:
SouthernEra Resources Ltd. has scaled back its pay policies for executives and directors "to align them more with the interests of the shareholders," the troubled diamond miner said yesterday.
The company, run by a new board installed by angry shareholders, said it will stop providing senior executives with so-called golden parachutes, or termination agreements that pay up to 300 percent of annual salary in the event of a corporate change of control.
"We believe that the effect of such arrangements is to penalize shareholders for exercising their ownership rights," Rudi Fronk, a SouthernEra director, said in a release.
"We are currently investigating whether a number of such existing arrangements were properly authorized and intend to contest their validity vigorously."
Chris Jennings, the company's chairman, has voluntarily agreed to surrender his termination agreement without compensation, SouthernEra said.
The move comes a little more than two months after the former president of SouthernEra quit after shareholders installed a new board to run the Toronto company.
Steve Banning, a Denver mining executive who was made president in February, left the company in early June, as did John Pearson, vice-president for investor relations.
The changes came after a shareholder revolt at the Toronto-based company's annual meeting in June led to the installation of a new board of directors. SouthernEra shareholders had been unhappy about the sagging share price as well as a plan by Mr. Banning to move the company to Denver.
In SouthernEra's new compensation policy, the company said employment contracts will limit termination pay to a maximum of one year. To receive the maximum, employees will need to have at least one full year of service.
As well, the company will stop paying directors to attend board and board committee meetings in addition to to stock options, and revised the terms of stock options granted to senior officers and directors.
SouthernEra also said it will soon announce its new chief executive officer to replace Mr. Banning
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