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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: kenneth w. calligar who wrote (14638)	7/23/1998 10:37:00 AM
From: Henry Volquardsen	Respond to of 20681

Ken, I do not like the fact that Sid and Norton do not own shares I consider this a problem. However everything I have recently heard from Fred makes me have little interest in having him in management. If the issue is share ownership why don't we just get JJ back, he owns over twice as many shares as Fred. I believe the only viable solution is bringing professional mining management. But the company needs to make progress before they can get to that point. I strongly believe, as I have posted before, that Sid is making the right moves in that direction. I have little confidence in Fred being able to do the same. Also for the record I don't believe anti-dilution protection such as you outline is unheard of. I believe the provision was only triggered if the securities sold were sold at a cheaper price than the original pp. The most recent pp has the same provision. I think of it as another form of an option. I have seen this used elsewhere. Henry