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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Kim W. Brasington who wrote (18892)5/2/1999 6:56:00 PM
From: sh  Read Replies (1) of 20681
 
FWIW, my understanding of how the AGM turned sour:

1. Prior to the AGM and the most recent press release, Fr. Gregory's group and the then Board of Directors of Naxos agreed that there would be certain members to constitute the new Board of Directors of Naxos, and the old Board agreed that Bob Gardner would be one of their four new directors. The retention of Bob Gardner was a prerequisite of the compromise.

2. Before the AGM, Fr. Gregory's group was advised that (contrary to the prior memorandum of understanding) Bob Gardner would not be included amongst the new Board members.

3. Before the AGM, Fr. Gregory's group made it clear that they would vote their proxies as is and that they expected a vote to occur (something that would be required by the Bylaws). The prior Board was fully aware of all of this.

Assuming my understanding is correct, those who have been throwing stones at Fr. Gregory should get their facts straight. It seems if anyone was so-called “sandbagged”, it was Fr. Gregory and his group. The old Board suddenly reneged on the agreement to include Bob Gardner on the new Board, something they knew was essential to Fr. Gregory's group. This resulted in the crumbling of the memo of understanding between the parties and the subsequent conflict at the AGM. It is my understanding that as of the adjournment of the AGM, Bob Gardner was not part of the new Board.

A word of caution to those on this thread: don't believe everything you hear from those who regularly have been criticizing Fr. Gregory et al. Don't believe everything I tell you either since it is simply my understanding. Do your own due diligence. You can call Bob Gardner and ask him if the above is accurate or not.

In any case, it appears this matter is headed to court again.




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