The facts Part 3
posted on
Oct 18, 2012 11:33PM
I took the time to put some perspective on the naysayers who think the new slate is inferior to peters' group
There is no way to combat those that need to sling false accusations
If peter and his slate wins its not because anybody believes cuurent group can increase shareholder value. It's marquest and others who have made a deal with peter to have an exclusive on another financing at these dirt cheap prices. Advantage those firms on collecting cash fees. Disadvantage shareholders of fnc who once again are used and abused
Somebody want to tell me what peters' plans are for fnc assets? How long will it take. There is no answer because smith cant develop a plan
All he wants is more cash to do grassroots exploration. Total waste
As to capabilities of new slate
Response to Comments re Too Many CAs/Lawyers
A suggestion that Mr. Granger’s slate is full of accountants and lawyers is misleading.
As noted in the Concerned Shareholder Circular,
• The Board needs a functioning audit committee that understands and fulfils its role. Petra Decher, who is a CA and is the VP Finance of Franco-Nevada, seems perfect for that purpose.
• Mr. Inwentash, the CEO of Pinetree Capital, with a successful track record in the junior resource sector, is also a CA. It does not appear that he was recruited because of his CA credential but for his business experience and skills.
The Current Board does not have a CA and Management’s slate does not include a CA. The current audit committee, consisting of Smith, Smith’s son-in-law and Dubuc, is not qualified to do the job. The problems relating to the Audit Committee are described in detail in the Circular.
Given all the problems with corporate governance that are described in the Circular, the Board needs a lawyer or two to ensure that the Company is on the right track in this area. Mr. Granger, who is a lawyer, has recruited another senior lawyer, John Burns (seems like a good idea).
Management’s slate at this year’s AGM does not include a lawyer. This is a serious deficiency.
If you read the circular, the New Slate has
-4 Junior Mining CEOs
-2 money raising people
-3 geologists
(seems good to me)