This is a post from TradingChief's McFaulds board Mutiny from within?

A few posters on Agoracom have started an email campaign sending letters to Sprott, Pinetree and Genuity asking them to vote to retain the current management team of NOT. What are these people thinking? Obviously not with their heads. Time to wake up people. Rosseau Asset Management have started a proxy war to have Nemis and the current board of directors replaced, with a vote scheduled at the Oct 28th AGM. Rosseau currently own 9.2% of NOT and have publicly stated they have around 30% of the shares of NOT locked up to achieve their goals. These guys have done their homework, this proxy battle is costing them somewhere in the neighbourhood of $500,000. To achieve their 30% voting block, Rosseau has already got the backing of Sprott, Pinetree and Genuity, this is the only way Rosseau's numbers add up. You can send them as many emails as you want, these guys are not on the side of keeping Nemis and team. They want Nemis replaced, wake up. It has been public knowledge for months now, that this proxy war was coming. So forget about changing the minds of Rosseau and their backers, it is not going to happen.

If people really want to win this proxy war against Rosseau and their supporters, you are far better off spending your time and resources getting the word out to the small retail investors to make sure they take the time to vote. Rosseau knows the majority of retail investors don't take the time or effort to vote. This works to their advantage. If 41% of the shares owned by retail investors don't take the time to vote, Rosseau wins this proxy battle, plain and simple.

At the resource show in Toronto, the big shocker making the rounds was John Harvey will be stepping down from FWR's board of directors and just staying with NOT. Mac Watson would not deny the story of John Harvey leaving FWR's ranks, his comment was, no comment. The reason given was it was becoming a conflict of interest to stay with FWR. It should be noted that FWR owns a block of voting shares of NOT. The email squad from Agoracom may want to find out who FWR is supporting, my bet is they end up supporting the winner of this proxy battle, for reasons that will become apparent at a later date. Perhaps the side they are supporting, is the reason why John Harvey has decided to leave FWR?

The word is that at least 2 people who sit on the board of directors of NOT right now, will be voting for Rosseau's proposal. I'm not sure if Rosseau is counting their shares as part of the 30% block they say they have on their side, most likely. Rosseau is saying they plan of keeping two seats open on their proposed board of directors, most likely for these two mutineers.

I will be surprised if Rosseau doesn't win this proxy battle. It doesn't mean I want them to win, in fact I know a 60k block of NOT shares that has already taken the time and voted in favour of Nemis and team. I am not a big fan of Nemis, but he has taken us this far and I feel he should be allowed to retire with dignity and respect not forced out like Rosseau and backers propose to do. At 70 years old, one would think Dick would want to retire and spend his remaining years, relaxing with with a fishing pole in his hands, but that choice is his, I am sure he has his reasons. When forced with making a decision who I would rather see as President and CEO of NOT, Patrick Anderson or Dick Nemis, it was an easy choice for me. After the fiasco with ARU, choosing Anderson wasn't even an option for me, my vote went with Nemis.


The one guy on the current management team of NOT, that I can't see Rosseau wanting to replace is John Harvey. From what I have been told, he is the brains and the workhorse, that is hugely responsible, for taking NOT this far. Perhaps one of the open spots, on the board of directors that Rosseau is proposing, has been reserved for John Harvey? On October 28th it will be come very clear, after the vote is made public, was there mutiny from within?

Expect to see a flood of good news leading up to the AGM on October 28th. I also expect the share price to respond accordingly. My bet is those who had the stomach to buy shares of NOT over the last 2 weeks, will be very pleased, with what is about to unfold. JMHO



Al