Every shareholder needs to carefully read the contents to understand how we arrived at our current situation - especially the events beginning on February 2.
Peggy had her critics and I'll admit I was one of them, but she did build in Century shareholder protections into the Shareholder Agreement with Finiskiy. There were two key and extremely important conditions in the agreement:
- Finiskiy would never have control over the Board of Directors. The BOD was to have 7 members of which 3 could be Finiskiy appointees. After the AGM on June 11, the BOD consisted of 6 directors - an even split between Finskiy and (for the purpose of this post I'll say) CMM. Less than 2 weeks later Peggy "resigns". IMO Peggy would never resign on her own, so one of the other two CMM directors had to vote her out - either Sheridan or Campoy. One month after Peggy's departure Campoy received an additinal grant of 200,000 options after receiving his annual quota of 250,000 options six weeks earlier.
- Finskiy was to provide up to $15 million in working capital on demand from the BOD through the exercise of his 49,375,000 warrants. He exercised less than half that number before moving 25,500,000 out of his direct holdings on February 2 so that he presumably couldn't be forced to exercise them. It is highly unlikely that the Finiskiy dominated BOD would force Finiskiy to do anything he didn't want to do anyway. Just 6 days later on February 8 and one day before the crusher breakdown, Century enters into a bridge loan agreement with WTG.
We shareholders should demand the resignation of our CMM directors for unanimously approving the Russian takeover of our company.
10 comments:
Hi Carib
It is 7min past midmight Sun my time zone but I must let U know the new column on Fin's planned takeover- chronology of events U had supplemented is most relevent n instructive. Very glad U have done that. Thanks
Awesome job Carib. Very well put together. It made my stomach turn 100xxxxx over. There is only one word i can say to describe this event. Theft.
Regards
Glenfidish
I'm just a small stock holder. I started out with 10,000 shares at 0.85c back in 2006. Then I rode all the way down to 1c in 2008. I thought it was a complete write-off but I never sold.
When the mine got the funding in 2009, I started averaging down at 15c. Now my average price is 30c and I have 50,000 shares.
My original plan was to hold these shares until $2 or so. I thought we were getting close in February. Then came the bad financial press release. After the halt I thought Century Mining was finally having its day. I was expecting at least $2 minimum takeover price. We got close at $1.80.
Now I we are back down in 50c. I am still in the money and up over 80%. I also do not like how things are going with the planned take over of this company. There are some very questionable and shady things going on.
My problem right now is what to do with my shares. I could sell them and purchase some other junior plays that do not have the corruption going on in here.
Or I guess I can just hold onto my shares and hope this merge gets vetoed.
I hate selling at 55c because I know these CMM shares are worth much more. But how long will it take for all of this to resolve itself?
I guess I'm just afraid that with so much underhanded stuff going on its only a matter of time before the regulators get involved. Then what? Does the stock get halted indefinitely and shareholders lose all their investment?
What if its found out Mr. Max Finisky really is a low down dirty trickster? What happens to Century Mining then?
I know what I own is small potatoes compared to some of you, but for me its a lot of money. What would be the recommended course of action here?
Joey,
I think many share holders have the same opinion as you but at this point there is not enough info on the table to make a detailed choice as to sell or hold. My guess is that sometime this week that we will get more clarification on the topic. Maybe even in the information circular that we should be receiving sometime in the near future I hope. I have been looking at what’s happens if a "no" or "yes" vote goes through and both cases are missing facts but I think CMM shareholders should be prepared to inject more capital "IF" for some reason a "yes" vote passes. I have yet to make my decision but hopefully we can get more info on WTG assets so that we can make an educated vote as to what their share price is really worth. I would personally like to see some more results on WTG assets just so I can see what the Tiger Paper is really worth. I have been talking with people for a few days now and the main issue is access to the appropriate information. When more info becomes available I will better be positioned to make a “yes” or “no” vote on this business combination for both CMM and WTG shareholders. I think we just need to take it one day at a time for now and wait for all the cards to be laid out....hard to make up your mind post flop without seeing the turn and the river if your hand is decent!!!
Best of luck To All,
Good work on the detailed time line also.....
Take care and let’s hope for the best folks
CORRECTION:
I think CMM shareholders should be prepared to inject more capital "IF" for some reason a "yes" vote passes
“YES” SHOULD be “NO”
In a few short words......
I'm getting angrier and angrier !
Legal Recourses – Carib you are to be commended for doing an excellent job of putting together the Finiskiy Planned Takeover Chronology. Beyond the obvious message forward to the relevant Regulatory Boards, would it not also be prudent at this time to explore the possibility of a Class Action Law Suite by Century Stockholders against WTG and Finiskiy himself? If this is the consensus and we could have WTG, on notice, at or before time when the voting takes place, it just might influence some shareholders that are wavering. The exact charges, which appear to be numerous, would have to be worked out by our lawyers who would be working for a percentage of the final settlement. As for damages, I would think the differential between the (WTG closing on the announcement X .4) - CMM actual closing on that same day or $1.13 per share. The understanding being that this lawsuit settlement amount might be reduced if the CMM BOD resigns and the WTG offer is rejected.
Wonderful work Carib, and yes I agree, this take over should not happen and we should investigate all avenues to stop it.
TraderJoey just wondering when CMM hit $1.80? Unless you mean $0.80. Anyway great post, thank you...
Carib, thanks for your excellent analysis of Finskiy's evolving "masterplan" for CMM. I agree with Wolf_Advocate & others that we should explore legal action against Finskiy & associates (i.e. associates both at WTG and CMM, including the BoD). Are there any lawyers among us CMM shareholders? Legal action should be commenced ASAP, to head off the special meeting, if possible. There is clear & irrefutable evidence in your chronology that Canadian Laws/regulations were violated by Finskiy & associates. What do they take us for; fools?!
Post a Comment