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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Henrik who wrote (13110)9/19/2002 5:37:19 AM
From: jim_p  Read Replies (3) of 206131
 
Not sure what the articles say, but here's my take on where we are:

PGO agrees with me that none of the ADR's will get a chance to vote at the meeting due to time constraints.

In addition, Citibank will give it's proxy for all the ADR's to a director of PGO to vote at the meeting the way he sees fit. (in favor of PGO)

The ADR's do not get a vote for the new directors, but do vote for the increase in authorized shares unless they vote in person.

If the director is voting the ADR's in person, I suspect he will be able to vote for both the directors and the increase in shares.

The ADR's make up about at 50% of the shares outstanding.

This may be why the stock sold off in Oslo yesterday.

All this all took place right after the news release came out on how to vote the ADR's.

After I read the release I also realized that no one would get a vote, so I called to confirm who would vote the shares not voted and didn't like the answer???

Not sure what the laws are in Norway, but it looks like round one may go to PGO?

Jim
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