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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Max Haber who wrote (18957)	5/4/1999 8:27:00 AM
From: Max Haber	Read Replies (2) of 20681

If Naxos had any intention of honoring the April 28th release (doubtful) why did they extend the time frame to allow additional votes for their entire slate, in violation of the rules, right up to the beginning of the meeting? If Naxos had any intention of honoring the April 28th release (still doubtful) why did they declare the dissident proxies invalid at the last minute? If, as the new press release states, Father Gregory took the floor and nominated his slate of 8 dissident directors, (excluding Mr.Jacklin) perhaps he did so because there was no deal in place, perhaps having won the vote, which would have been verified by Montreal Trust and/or Pacific Trust, it would be the dissident shareholders right to appoint the new board as stated in their proxies. The slate of directors who won the vote by proxy should be running the company today. Shareholders either cast their votes for existing management and their board or for the dissident shareholders and their board. Probably not one shareholder voted for the Board of Directors as it stands today. (Well there is always one) It was not an option on any proxy I ever saw. Max

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