I went to the AGM and was very disinpointed in the knowledge of some investors and
the directors and management in the way of conducting the meeting.
Hugh Wynne was conducting the meeting by a show of hands to pass resolutions
so I asked what was the purpose of the proxy voting and most did not seem concerend.
A show of hands at a general meeting is not a proper way or legal way to conduct such a meeting. The only resolution where the proxy vote was known was in regards to
the issue of options. When we were informed no options were issued last year that
informed me management and insiders knew the share price was going down, and why
issue options at that price when they would be able to issue them at a lower price.
So I asked if they would comit to not issuing options this year , no one would make that commitment.
Last year I asked if the were interested in opperating a mine or just increasing
reserves for a sellof , they replied they were commited to opperating a gold mine.
As the record showes they were more concerend in getting more reserves by aquesition then opperating the reserves they had.
Page 51 showes the company recieved $404,694,391 by the selling of shares.
Page 35 showes shareholders equity of $232,971,807 a loss of $171,722,584
looks like it was run like a family buisnesse with no respect for shareholders.
I was very concerend when it became knowen that their was no proper security in place to prevent the theft of high grade ore, such as was on display. Hugh Wynne said
he trusted the miners not to steel ore: but at the meeting they found it nessasary
to use 2 security gards to protect that same high grade ore sample .That demonstrates a total disrespect of ordinary shareholders.
In pm experiance this company is setting itself up for a takeover. The insiders have put in a provition to be compensated for that.
