The dissidents prevailed at the July 31 shareholders meeting (mentioned as one of the thre brief items in my entry on this blog on Sunday, August 2) of Carlisle Goldfields.
Carlisle has defined reserves of 412,000 ounces of gold in the Lynn Lake Greenstone Belt of Manitoba. Here's some more information about the geology of it.
The only incumbent director re-elected was Carl McGill, who thus represents the voice of continuity. In a statement, McGill said the usual good-sport stuff: "It was a well-fought proxy contest....Now that the shareholders have made their decision, the new board of directors intends to pursue its vision and to implement plans to achieve the common objective of all - to enhance shareholder value."
The new board members are: Steven Mintz, Bruce Reid, Donald Alexander Sheldon and Frank C. Smeenk.
Those names don't immediately ring a bell for me. I googled the first of them. There exist, unsurprisingly, a number of fellows named Steven Mintz. Though I could be wrong, I believe the pertinent one is this fellow.
The long-running CMKM diamond saga has developed in me some interest in Canadian mineral claims, so I'll keep on eye on this company.
Showing posts with label Carlisle Goldfields. Show all posts
Showing posts with label Carlisle Goldfields. Show all posts
Wednesday, August 5, 2009
Sunday, August 2, 2009
Three brief items
1. Ruisi Leaves Rowan's board
Rowan Companies Inc., an oil and gas drilling company based in San Francisco, Calif., said in a filing July 29th (Wednesday) that Lawrence Ruisi has resigned from its board of directors.
Ruisi was there at the designation of Steel Partners II LP, which named him to the board back when Steel Partners owned 9.5% of Rowan's equity, and was seeking to change the strategic direction of what it saw as an undervalued company. Those days are gone. Steel Partners' attention has moved elsewhere, and it now owns only 3.8% of Rowan.
2. Children's Place to Buy 2.45 million shares from Dabah
Ezra Dabah is a former chief executive of Children's Place Retail Stores Inc., a children's apparel retailer. He left that post at the recommendation of the board in September 2007.
Dabah tried to buy the company last year, and this year he seemed poised to wage a proxy fight to gain control of Children's Place at the stockholders meeting July 31, Friday. He had a slate of three allies in the running. If they had all won, then (given his own seat and that of his father-in-law, Stanley Silverstein) he would have had that control.
It was not to be. Instead, the company agreed to buy half of Dabah's stake from him, i.e. 2.45 million shares.
3. Carlisle Goldfields Ltd (CGJ), a Canadian firm engaged in the exploration and development of mineral properties, held its annual shareholders meeting Friday, July 31.
One of the bones of contention between management and dissidents was the cause of the de-listing of CGJ from the Toronto Stock Exchange on June 16, 2009. Dissidents appear to have blamed it on the incompetence of the incumbents. Incumbents reply that the TSX was concerned over two issues -- martket capitalization and the fact that the CEO and the CFO were at that time one and the same.
"Market capitalization issues are not uncommon at this time at the TSX, with numerous companies under the same scrutiny; however, the trading price of the Company's shares is not something over which management or the Company has any control. Regarding the dual role of CEO and CFO by the same individual, the Company could not afford a CFO at the time so the President and CEO took on the second role by becoming CFO on an interim basis to ensure that the Company could file its financial statements and avoid serious regulatory penalties."
Management says that it has a plan to be re-listed soon after the election. We'll se how the votes tally up.
Rowan Companies Inc., an oil and gas drilling company based in San Francisco, Calif., said in a filing July 29th (Wednesday) that Lawrence Ruisi has resigned from its board of directors.
Ruisi was there at the designation of Steel Partners II LP, which named him to the board back when Steel Partners owned 9.5% of Rowan's equity, and was seeking to change the strategic direction of what it saw as an undervalued company. Those days are gone. Steel Partners' attention has moved elsewhere, and it now owns only 3.8% of Rowan.
2. Children's Place to Buy 2.45 million shares from Dabah
Ezra Dabah is a former chief executive of Children's Place Retail Stores Inc., a children's apparel retailer. He left that post at the recommendation of the board in September 2007.
Dabah tried to buy the company last year, and this year he seemed poised to wage a proxy fight to gain control of Children's Place at the stockholders meeting July 31, Friday. He had a slate of three allies in the running. If they had all won, then (given his own seat and that of his father-in-law, Stanley Silverstein) he would have had that control.
It was not to be. Instead, the company agreed to buy half of Dabah's stake from him, i.e. 2.45 million shares.
3. Carlisle Goldfields Ltd (CGJ), a Canadian firm engaged in the exploration and development of mineral properties, held its annual shareholders meeting Friday, July 31.
One of the bones of contention between management and dissidents was the cause of the de-listing of CGJ from the Toronto Stock Exchange on June 16, 2009. Dissidents appear to have blamed it on the incompetence of the incumbents. Incumbents reply that the TSX was concerned over two issues -- martket capitalization and the fact that the CEO and the CFO were at that time one and the same.
"Market capitalization issues are not uncommon at this time at the TSX, with numerous companies under the same scrutiny; however, the trading price of the Company's shares is not something over which management or the Company has any control. Regarding the dual role of CEO and CFO by the same individual, the Company could not afford a CFO at the time so the President and CEO took on the second role by becoming CFO on an interim basis to ensure that the Company could file its financial statements and avoid serious regulatory penalties."
Management says that it has a plan to be re-listed soon after the election. We'll se how the votes tally up.
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