zombynation
27 Oct 2015
example 1 Example one: Team Hodges makes it sound like Courtney Chamberlain approved of Daryl Hodges’ move to executive chairman by writing this in the NR: On March 6, 2015, the Company's Executive Chairman, Mr. Courtney Chamberlain, took a medical leave of absence and asked a non-executive Director, Mr. Daryl Hodges, to assume the role of Executive Chairman with immediate effect, a recommendation which the Board approved. Mr. Chamberlain sadly passed away the following month. In May 2015 Mr. Hodges recommended, and the Board approved, the appointment of Mr. Diego Benavides, the president of the operating subsidiaries in Peru, as Interim CEO. In fact Courtney Chamberlain (RIP) did not approve of that at all. The minutes of that meeting make no mention at all of Chamberlain’s approval. And in fact Chamberlain was strongly opposed to the appointment of Hodges in an executive role, but his views made to the meeting via telephone from his hospital in Australia while already very infirm, were roundly ignored as Hodges (who was chairing the meeting) pushed through his idea. What did happen is that a meeting at which Chamberlain was present (by phone) eventually approved Hodges as Executive Chair and the double-speaking lawyers trying to steal this company have twisted that into “Courtney approved of Hodges”. It’s total BS.
zombynation
27 Oct 2015
example 2 Example two: Team Hodges is against the appointment to the board of Armando Lema, which is unsurprising because he’s one of the people on the proxy slate. But the reason they manage to squeeze from his past is a classic of lawyer doubletalk: Mr. Lema was formerly a Partner at Lema, Solari & Santivañez Law Firm (LSS S.A.C.). LSS S.A.C currently has an outstanding tax debt for approximately US$1 million (including principal, interest and penalties), a debt that is owed to the Peruvian Tax Authority, SUNAT, and is under enforced collection, as shown in SUNAT's public registry. In other words, a place at which Mr. Lema used to work has a tax debt with the Peru taxman of around $1m. He doesn’t work there any longer (he was there 2008 to 2010) but apparently he’s responsible for the debt that buffet of lawyers owes. That’s a bit like blaming a footballer for the relegation of a team he played for three seasons ago. But even if Lema could be linked, however tenuously to the tax debt owed by a place at which he worked, what Team Hodges fails to mention is that another lawyer we’ve heard of also worked at LSS S.A.C. at the same time as Lema. His name is Jaime Pinto and he’s the current chair of Minera IRL! Yes indeed, every word of that argument Team Hodges spun against Lema also applies directly and fully to Jaime Pinto. Remember: This news release was written by lawyers, not human beings. And that’s not even mentioning the wonderful argument they cooked up against the appointment of Jorge Ramos of COFIDE, which we ran on the blog on Friday. Here’s a paste-out of that post: Let's start with just one snippet from today's NR... The Board is of the opinion that, as a Peruvian and an official of COFIDE, Mr. Ramos would be unsuitable as a member of the Board because of provisions of Peruvian law. ...and then compare it to what the same board, but at the time headed up by the ringleader Daryl Hodges as executive chair (voted off by over 90% at the AGM), said earlier this year when welcoming the COFIDE deal: The Company has agreed to COFIDE's participation on the Minera IRL board of directors, subject to the required approvals. That’s just wonderful. I couldn’t stop laughing.
zombynation
27 Oct 2015
Minera IRL (MIRL.L) (IRL.to) is run by lawyers Friday morning Toronto time brought the awaited NR from Minera IRL (11), setting the date for the EGM for November 26th, venue Toronto Canada (Thanksgiving Day USA, as noted above). The EGM NR made the announcement of the meeting venue and then, in time-honoured fashion, set out the current board’s reasonings as to why the proxy slate and its ten points should be voted down. Of course, it was my preferred reading material last Friday morning. The first pass you see them making their case, the second pass you start to note their stronger and weaker arguments. It was around half way through the third pass that the penny dropped; that this document hasn’t been written by miner, it’s been written by a bunch of lawyers. One thing we know about the current band of usurpers at Minera IRL, collectively known as Team Hodges, is that they might not know much about the act of mining and have precious little idea about how to conduct community relations, but we know people such as chair Jaime Pinto and Daryl’s friend, business partner Chuck Higgins and chief motor behind this are lawyers. And what we know about lawyers is that they’re great at bending and twisting language to suit their ends and means. So what we get, all the way through this so-called “robust” defence of the board of directors, doesn’t stand up to much scrutiny once the critical eye is applied. So today I’m going to point out a few of the things that this band of sophists wrote to pull the wool over your eyes, kind reader and/or shareholder of Minera IRL. We’re not going into the full list (which is in fact long) because, quite frankly, I’m not going to hand over defence ideas to this band of scumballs so early in the process. But a sample or three of how lawyer-speak is being used to fool you is due because these master baiters of the truth have obviously burned plenty of midnight oil getting the phraseology juuuust right.
zombynation
27 Oct 2015
The latest BS lie from Minera IRL's LIMA, PERU--(Marketwired - Sep 29, 2015) - Minera IRL Limited ("Minera IRL" or the "Company"
(MIRL.L)(MIRL.L)(IRL.TO) announces that its half-yearly report for the six months ended 30 June 2015 will not be published by 30 September 2015 as required under the AIM Rules for Companies due to the previously announced temporary compromise of control within the Company's two Peruvian operating subsidiaries, Minera IRL S.A. and Compañía Minera Kuri Kullu S.A. "Temporary compromise of control", oh how we laughed. In fact, the company isn't going to file its numbers because the CFO, Brad Boland, today resigned in protest at the board's decisions and pathetic way it's running the company (into the ground). Subtle difference, no?And it seems the company's CFO resigning isn't a material event in the warped world of Hodges's lackeys. Not a mention, even though the news is all round Lima already.
zombynation
27 Oct 2015
The current BOD need REMOVING With just a tiny bit of research the current BOD are trying to run the company into the ground. They are blatantly spreading misinformation regarding AIM rules and the nomad. In addition Diego will be far better suited to run the company as he himself is a large shareholder. Minera has the loan facility and on the verge of operating a very large gold mine. The prospects are imense for shareholders.
HPC Follower
27 Oct 2015
Re: Confusion I don't think voting of my 31,000 MIRL shares (0.01%) will have any significance... although I agree that our position would be better if the Board wins the vote, which will be largely down to the major shareholders.RioTinto19.1%MIRL Management3.4%Shairco2.0%Macquarie Bank1.9%BlackRock1.5%CIMINAS4.0%HargreavesLansdown2.8%Mr. Oscar Inchaustegui1.9%Earth Resource Group1.7%plus many others with nearer 1% holdings.
The Preston Plumber
26 Oct 2015
Re: Confusion There is no doubt that the Board must be supported. This is the only hope that the company has that it will be able to survive on a stable basis.If you read the RNS of 23/10/2015 it tells the whole story how the Board have been hi-jacked by Mr Benavides and his supporters.Please use your proxy vote to Vote Against all the resolutions at the EGM in order to support the Board and to have any chance of saving your investment.
HPC Follower
26 Oct 2015
Re: Confusion It's not at all clear who will this "battle" or what the outcome will be.My holding is too few to be an influence, and I can't say which group would be best to manage the company overall - although the current board does seem more willing to meet international obligations and stay with AIM, etc. but they clearly don't have a lot of support at the working level in Peru nor from some of the major shareholders who voted Hodges out recently - although it depends on who you believe and whether certain actions were justified.I will hope for the best; just glad my exposure here is relatively low right now...Guess we will learn more on or soon after the 26th November EGM.
JohnyCash
22 Oct 2015
Re: Confusion Latest RNSLooks as though we're all f**ked dudes........JC
The Preston Plumber
15 Oct 2015
Confusion Can any body tell me what is going on?An Extraordinary General meeting to appoint 6 new directors and remove all the independent non-executive directors does not sound good to me.
JohnyCash
23 Sep 2015
Re: AIM suspension Latest RNS:Minera IRL has started the process of dismissing Diego Benavides, the former interim CEO of the Company, from his role as President and General Manager of its two Peruvian operating subsidiaries, Minera IRL S.A. and Compania Minera Kuri Kullu S.A. Further, on the advice of Peruvian counsel, criminal proceedings against Benavides have commenced >>>>>>>>>>
HPC Follower
22 Sep 2015
Re: AIM suspension Not what I expected, but if there is a case for criminal action (fraud I assume in some way) then it looks like the correct action is being taken to limit the damage to MIRL and its business.I will continue to HOLD at present as I can't see a good reason to exit, especially as my personal exposure here is relatively low.
JohnyCash
22 Sep 2015
Re: AIM suspension Latest RNS:"Minera IRL Limited Announces Process of Removing Former Company Executive From Role With Peruvian Subsidiaries"What do you make of this HPCF?JC
HPC Follower
21 Sep 2015
Re: AIM suspension Could be at the board level, but more likely (given recent board changes) a repeat of local staff occupying the mine premises despite the meetings supposed to overcome their concerns.Doubt the Peru government will want to see investments in their country disrupted in such a way for any length of time.There could also be another forced management change since MIRL didn't get the approvals necessary to raise equity finance to pay a c. $2.1 million debt which was due...Let's hope this doesn't adverse those who have invested a lot of money getting so close to production commencement in earnest.
JohnyCash
21 Sep 2015
Re: AIM suspension "Minera announces that following the temporary compromise of control within the Company's two Peruvian operating subsidiaries, the Company has requested a precautionary suspension from trading on AIM"Doesn't sound too good to me. 'Compromise of control' sounds like a coup d'état but perhaps I'm reading it wrong....... JC
