One of the ironies of Wega's selling is that for the purposes of AGM voting, they get to vote all of the shares they've sold since May 23. They could sell every share and yet vote a block of 22 million shares on June 27.
I expect CMM shares will only be on sale for another week. We are at $0.105 solely because of Wega selling.
CMM is a company with an operating mine in Peru with an NPV that is double the current market cap and another one in Quebec with an NPV of more than 10 times the market cap at $800 gold. As resources get converted into reserves, these NPV's are going to rise substantially.
Neither of these mines needs a substantial amount of capital to meet current forecasts and as soon as the bridge financing closes (which I expect will happen before the AGM), we have nowhere to go but up - with or without PK. However, we'll never get anywhere near full valuation with her at the helm.
Then we have companies like Sulliden with a market cap of over $100 million and practically nothing else.
Fear is a powerful motivator - more so than greed - and I see the bashers over on SH feeding that fear with their "expert" opinions on mining matters. Why aren't they talking about the absurd relative market caps of SUE and CMM?
This company belongs to us - the shareholders and it is worth a helluva lot more than what Wega is selling it for. This is nothing more than vindictive selling because they couldn't call the shots, IMO.
As for the AGM, I don't expect anything to change unless someone like Stan Bharti of Aberdeen files a circular on Sedar proposing an alternate slate of directors, but time is running out for that. Otherwise the proposed directors only need to receive a single vote to be confirmed.
That said, I'm withholding my votes for Kent, Burns and Sheriden (the Royal Oak gang). If everyone does the same, there will be considerable pressure on the independent directors to act according to the votes of the shareholders. For instance, if PK receives 10 Withhold votes for every 1 vote For, then that is a powerful message to the independent Directors and should force them to ask for PK's resignation as both CEO and Chairman.
Therefore I urge everyone to vote your shares online. It only takes a minute and full instructions are available with your proxy forms. If Wega is not planning anything at the AGM, then I expect both them and Scion to vote to withhold PK as Director.
It also wouldn't hurt to write/email the Board and demand that if PK receives substantially more Withhold votes than For votes, she not remain as Chairman. I really don't care much if she remains as a director.
Management and Directors count on the laziness of the retail shareholder not to vote and a non vote is counted as voting according to the recommendations of management. That means a non-vote is a vote for PK and the other directors.
Please vote.
1 comment:
Hi Carib,
I agree with you. The fundmentals of the company are strong. Century will be fine, with or without PK, Wega..... Fear is a powerful thing. There is a lot of that right now. Also, there are many people in the world that like to take advantage of other people's fears. The key for me has always been the bridge loan, and I think there is a good chance it will be closed off, especially with the MRI loan development with Tamerlane (potentially MRI is the company doing the bridge loan for Century also).
Anyway, below is a post I had written before I saw your post. I had intended to post as another post but after seeing your post I thought it would be a good compliment to your comments.
Here it is:
The last default update was issued on June 2nd. I would think that Century either has to issue the financials real soon or will be mandated to provide a status update via a default update notice. I thought it was a requirement for companies (under a MCTO) to provide a default update NR to the market every 2 weeks. Of course, the June 2nd one was suppose to be the last one, given that "the Company announced that it has now resolved all issues regarding write-offs for the year ended December 31, 2007, and expects to file its 2007 year-end financial statements this week".
This is brutal stuff! It is continuous embarrassment, aside from the almost complete disappearance of shareholders investment dollars. Someone needs to pay the price, IMO.
The level of disrespect (and potentially arrogance) PK has shown to her long suffering shareholders has been truly unreal, IMO. I still can't get over the fact that, even though the company is being perceived as being on life support (strictly my view of how some people are perceiving the company – it is not necessary what is actually happening (actually, most likely far from the truth)) and shareholders are being slaughtered alive (again, strictly my view), it has been 3 months since any updates on Lamaque (the project that will make or break the company, IMO). She has demonstrated absolutely no compassion for shareholders (again, IMO), yet she doesn’t appear (in my view) to have a problem accepting $60,000 in bonuses during a year (2007) when the company's core asset failed, and was shut down, and while her shareholders have suffered a book loss of almost their entire investment in the company.
For significant periods of the past 4.5 months (since Feb. 1’08) major share price suppression has resulted due to selling of shares (on the open market) by the company’s largest shareholder – enough to materially suppress the share price, IMO. It has now been 4.5 months and neither Century’s BOD nor its management has been successful in bringing resolution to this issue. Without resolving this issue, I feel that it is virtually impossible for the share price to move in a positive direction, regardless of other positive future news releases and developments that may occur. IMO, this has been a complete failure by all parties with influence (Century's BOD, Century’s management, Century’s largest shareholders - all responsible). As a result, Century’s retail shareholders (majority ownership in Century) have all suffered tremendously.
At the end of the day, we are now a $.10 stock, and probably stuck at these levels until the share price suppression issue is addressed. Ultimately, (IMO) the final accountability lies with Century’s BOD. As such, (in my view) the BOD has thus far failed to act sufficiently to protect shareholder value. Data wise, I based that partly on the share price falling (almost continuously) from its peak of $1.89 in 2006 to $.10 today, while the gold price has increased substantially. I see insufficient action taken by the BOD to remedy the situation. I see a continuous pattern of shareholders being left in the dark for long periods of time, without sufficient updates on business critical matters.
Production05
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