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Gold/Mining/Energy : Winspear Resources
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To: Crocodile who wrote (3624)10/28/1997 7:03:00 PM
From: GOLDIGER  Read Replies (2) of 26850
 
Dear Tomato,

You are right, Shirley, bless her diligent little heart is wrong. Shares bought by you but held by the broker are yours to vote, even though they they are not registered in your name. This rule applies for IBM or Winspear. On the VSE less than 15% of a company's shareholders are registered and those are usually the insiders and their cronies.

Here is how it works. Winspear sends out the proxies to all shareholders, registered or non registered. Registered shareholders get their proxies directly. Non registered proxies are mailed by the company to what is called an intermediary. The intermediary then sends the proxies to the brokerage firms holding all the non registered shares.

The brokerage firm then sends out the proxies to their clients holding the particular shares(I.E Winspear Shares) as of the deemed record date.

I'm surprised Pacific Corporate Trust did not explain this process more fully. It is their job to inform the intermediary which brokerage houses hold the non-registered shares. If you did not get your proxy then your broker did not pass it on to you; or the intermediary did not pass it on to your broker; or Winspear through its transfer agent did not pass it on to the intermediary.

You have a case only if you can show that Winspear or its transfer agent did not mail out the proxies to the proper intermediaries. I would ask my broker why he didn't send me my Winspear proxy. If he says I didn't get them (or my firm didn't get them) phone Pacific Corporate Trust and ask them who the intermediary is for that broker. Phone the intermediary and ask them why they didn't send the proxies to your broker. If the intermediary say that they never recieved them then you have a pretty strong case to have the EGM reconvened.

The president of Pacific Corporate Trust is John Halse. He will answer your questions. His number is 604-689-9853. If you have any problems
let the thread know and I will advise

GOLDIGER
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