SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Naxos Resources (NAXOF)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: GlobalMarine who wrote (5665)11/17/1997 5:38:00 PM
From: sh  Read Replies (1) of 20681
 
Rand W.:

I actually have a problem with that. It's been a while since I reviewed the highlights of the agreement, but I personally would not want Mr. John to have full control of those shares. If there is disagreement about significant issues, Mr. John will have a very firm grip on power and those who disagree will not be able to do anything about it. As it stands, I believe Mr. John already has enough shares to control the company. However, I do not believe that the control is so tight that if a major shareholder dispute arises Mr. John cannot be effectively challenged. With the 10 million proxy shares, that will be a whole different story. I'm just giving you my opinion based on a concern about the company's future. While Mr. John has done a relatively fine job to date in bringing Naxos to where it is, at some point we're going to need major mining industry expertise at the top and I'm just hoping there will not be resistance from the powers that be. The additional power that the proxies would provide would make the task of resisting management's intransigence that much more difficult. Of course, I say this without knowing the full terms of the proxy given under the Johnson-Lett option - things may not be so bad. Furthermore, there may never come a time when management's decision-making will become that great of an issue; yet, I do not like giving such enormous power to one person.

Regards,

sh
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News