I guess PK is not too concerned about this being June 18 and the fact that the 2007 financials were due on April 30 and the Q1 financials were due on May 30. Late filings are legitimate reasons for another CTO. She has her lackey, Brent Jones, telling investors that it is going to be "today or tomorrow" for a number of weeks now. Suggestions that CMM is lining up someone to buy Wega shares seems to be more blowing of smoke.
Today and tomorrow she is on another ego trip at the LatAm Mining congress in Miami where she is one of the featured speakers. Her topic today is "Project financing: Raising capital through equity and debt" which includes "Hedging: a valuable component of raising capital; a necessary evil in project financing; or a recipe for disaster? " Well at least she can speak from experience on how hedging for Century Mining was a disaster. Perhaps she can also tell them about CMM's 4 failed attempts at raising needed funds through private placements since last September. She is an embarrassment to herself and the company.
Tomorrow the topic is:
12pm
Mining Showcase - Century Mining
Expansion of mining operations in South America
Acquiring new projects
Negotiating mergers to acquisitions
Risk vs. reward
Another embarrassment! CMM acquired San Juan in 2006 when (we were told) it was producing 1,000 oz/month and by 2008 would be producing 80,000 oz/yr. The last reports we have from Q3 of 2007 have us still around 1,000 oz/month.
Besides that we have 3 failed acquisitions - Poderosa, Rosario de Belen and Shahuindo - all of which has cost us dearly. But PK must have conned those at the conference like she has conned us for the past 2 years.
Meanwhile 6 months ago we were offering SUE shareholders 0.72 CMM shares for 1 SUE share. Today 1 SUE shares is worth 9 CMM shares.
The fact that she is still CEO and Chairman is beyond scandalous.
9 comments:
Carib, you are absolutely right about the fact that PK is still the head-huncho of CMM is beyond scandalous. Where is the BOD? When are they going to live up to their fuduciary duties? She should be minding the shop, but instead she is letting 'Rome burn'.
Under these circumstances, I would not be surprised if the Fortis deal will be terminated before it is 'consumated'. Who wants to become involved with an egocentric looser?!
Do you see any legal recourse for us shareholders out of this mess?
I guess that being "negligent", "arrogant" & "incompetent" would not meet the legal lithmus test.
sad but true. The Sulliden shareholders are rejoicing now. Rumour has it that the Sue might end up winning the case or settle out of court with Algamarca. Either way, stock is 9x CMM. the other rumour is the SP gang is dumping CMM to buy more Sue on the first rumour.
I think there is one final shoe to drop..... is the financing at risk? why the radio silence? Something smells fishy in CMM land.
Let's sell Lamaque and San Juan and fold up this company. We are worth more break up then now.
Wonder when the financials will be released, each day, more people are throwing in the towel and Wega/RBC/Canaccord just adds more fire to the burning ship.
Its to bad Wega is not the kind of active investor that is good for ALL shareholders. Is Wega using Canaccord for selling (beside RBC)?
Aberdeen International Proposes Alternative Slate of Directors for U308 Corp.
17:24 EDT Tuesday, June 17, 2008
TORONTO, ONTARIO--(Marketwire - June 17, 2008) - 17, 2008: ABERDEEN INTERNATIONAL INC. ("Aberdeen" or the "Company") (TSX:AAB) is a current shareholder of U308 Corp ("U308") (TSX VENTURE:UWE) holding 2,300,600 common shares, representing approximately 9.98% of the outstanding common shares, of U308. Aberdeen acquired the shares in the market in the fall of 2007 at an average cost of $1.65 per share. Since it's acquisition of those shares, Aberdeen has seen a significant drop in U308's share price to its current level, where U308 is trading below its cash value. Aberdeen feels that the Board of Directors of U308 has not maximized shareholder value and as such Aberdeen has decided to propose the election of an alternative slate of directors (the "Alternative Slate") for the upcoming Annual and Special General Meeting of U308 on June 26, 2008 (the "Meeting"). To that end, Aberdeen expects to file today a dissident's information circular (the "Aberdeen Circular") with securities regulatory authorities. A copy of the Aberdeen Circular will be available at Aberdeen's web site at www.aberdeeninternational.ca and also at www.sedar.com.
Nino,
"Is Wega using Canaccord for selling (beside RBC)?"
Wega used 2 brokers (RBC, Byron) when they originally bought Century shares on the open market in 2007. However, they have not used Byron (as yet) with their aggressive salling that began effective Feb. 1'08.
They most likely began using Canaccord as their second broker (instead of Byron). However, it is not possible to confirm this until Wega does their next SEDI filings. Perhaps Carib will have the detailed RBC and Canaccord net sales data and be able to piece them together (to see if it makes relative sense to what Wega will post on SEDI).
At what share price does CMM de-list?
Who has the email addresses for each Century director?
The following statement is worrisome - from the AGM docs:
"On a show of hands, every individual who is present as a Shareholder or as a representative of a corporate Shareholder will have one vote (not matter how many shares such Shareholder owns)."
There might be more Directors at the AGM than shareholders. It appears that PK and RB are the only directors who own CMM shares.
I urge all CMM shareholders to read page 2 and 3 of the AGM docs closely. You could be up the 'voting' creek if you misinterpret the instructions.
Cmm's not on the TSX, so why would they have a delisting requirement?
bojeh,
The delisting comment was a tongue-in-cheek remark. When CMM is at 3 cents it won't matter.
Two years ago PK's pool boy of the day was touting a TSX listing. They revisited that idea again this year because they have 43-101's, the financials are supposedly BCSC guaranteed, and they will have the required minimum cash.
Don't bet the farm on a TSX big board listing.
Do you have any concerns about CMM?
Just voted to "withhold" Kent and Burns.
I don't see the "show of hands" issue mentioned by Natik to be of concern - this would be used for simple administrative procedures such as adjourning the meeting. That's not to say it couldn't be abused, say, if one Margaret Kent gets the cold shakes if she has just been booted off the board.
Wega show on today.
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