The Preston Plumber
09 Nov 2015
Re: RNS 6/11/2015.... At least you've got a sense of humour.
Kenj2
09 Nov 2015
SP Angel's view Minera IRL (MIRL LN) SUSPENDED – Minera IRL Limited board calls EGM to remove Diego Benavidez The Board of Minera IRL have announced the calling of an EGM of the company's 99.99% owned Peruvian subsidiary Minera IRL S.A. The resolution calls for the removal of the General Manager, Diego Benavides, the Minera IRL S.A. board and the repeal of powers of attorney. "In accordance with article 117 of Peruvian Corporations Law, the Board of Directors of Minera IRL S.A. is mandated to call for such EGM by no later than November 11, 2015." The move highlights the board's desperation to remove Diego Benavides and exert their control on the company and its subsidiaries. We continue to support Diego Benavides in his EGM vote to remove the board of Minera IRL London. We believe Mr Benavides has been working in the best interest of shareholders to maintain gold production and to advance the new Ollachea gold project. We do not see the actions of the Minera IRL Limited board as conducive to the addition of shareholder value. * SP Angel analysts are expressing their own views and opinions in this analysis. SP Angel has no corporate connection with Minera IRL or its subsidiaries. SP Angel holds no shares in Minera IRL and does not have any current financial arrangements with the company.
Kenj2
09 Nov 2015
Tit for Tat "Minera IRL Limited Calls for an Extraordinary General Meeting ("EGM"
of Its Peruvian Subsidiary, Minera IRL S.A.""MIRL) announces that it has requested through a letter that was delivered throughnotarized certification on October 27, 2015, that a shareholder EGM of its 99.99% owned subsidiary Minera IRL S.A. be convened to adopt the following resolutions: (i) removal of the current members of the Minera IRL S.A Board, and appoint new Directors;(ii) Remove the General Manager of Minera IRL S.A; (iii) Appoint a new General Manager; (iv) Repeal powers of attorney."The quote below is from Minera IRL's website under Background."In August 2002, Minera IRL SA was registered in Peru by founding executives Barrie Sullivan and Diego Benavides (who is now the President of the Company's Minera IRL SA subsidiary)."Hence it appears to me, that the board of MIRL Ireland, are trying to kick out the board of MIRL Peru before they are kicked out themselves at the 26th November EGM.
Kempseyman
09 Nov 2015
Another EGM If my understanding is correct it would appear that some shareholders of the breakaway Peruvian side of our business are looking to use Peruvian Stock Exchange rules to bring forward a new EGM to 11th November.If this is a legal action and Peruvian side manage to oust the existing board then the original EGM will not happen ?
M-A-L
07 Nov 2015
Re: RNS 6/11/2015.... I don't know what you are smoking, but it must be good stuff.
The Preston Plumber
07 Nov 2015
RNS 6/11/2015.... Any fair minded reader of the above RNS must agree that the Board had been managing the company in a professional and capable manner until the intervention of Mr Benavides.Mr Benavides actions have been contrary to corporate governance and have severely affected the future viability of the company.The only hope shareholders have, in my opinion, of saving their investment Is to support the Board at the EGM on 26/11/2015 by voting against all the resoluti
Kenj2
06 Nov 2015
Re: Daryl's dodgy contract HPC,You will see that the BoD have not denied the terms of Daryl's contract. In fact they confirmed it and tried to suggest that it was quite reasonable, and even modest compared to Courtney's contract. They have obviously now agreed with Daryl to terminate this contract for $280k to save further cost and embarrassment.The issue of the CFO resigning with immediate effect last month, and the hostility of local Peruvians to the current BoD suggest to me that the current directors are not to be trusted.
Chukka
06 Nov 2015
Something from this situation Well, if this all ends in tears, the film rights to this story will be worth a few quid!
HPC Follower
06 Nov 2015
Re: Daryl's dodgy contract Given the information in today's RNS regarding Daryl's contract and termination as per shareholder voting, the overall position is not so clear cut in my mind now.I'm nor sure who should now be on the main Board but this clearly needs a new start and the management based in Peru, who are paid through the MIRL even if they have the gold to sell, have to start working professionally to re-earn shareholders trust. The confusion has to end...
zombynation
03 Nov 2015
Scumbag management in charge Sucking massive salaries and a no lose payout when leaving [link]
The Preston Plumber
01 Nov 2015
Re: Compromise? Thank you for your response. The link you provided was very interesting regarding the break down of community relations.
HPC Follower
01 Nov 2015
Re: Daryl's dodgy contract I have seen & read enough now... the current MIRL Board has to go in my view.They do not have my trust as they clearly don't hold shareholder's interests as of prime importance, and Hodges, in particular, has taken action which has directly led to distrust by the whole business, management and community in Peru. This is less than professional and I trust those who can vote with most of the shares will vote for the MIRL board to be completely changed as per the proposals.I cannot see any other way for MIRL to survive with the support of those who really count. The CFO who resigned seems to be one of the few with any conscious...
Kenj2
01 Nov 2015
Cease Trade Order The company has been ordered to cease trading in the company's securities, for failing to file their accounts.[link] IRL Limited Announces Cease Trade OrderOct 30, 2015 - 03:35 ETLIMA, PERU--(Marketwired - Oct. 30, 2015) - Minera IRL Limited ("Minera IRL", or the "Company" (TSX:IRL) (AIM:MIRL) (BVL:MIRL) announces that the Ontario Securities Commission (the "OSC" has made an order (the "Order" under paragraph 2 of subsection 127(1) of the Securities Act (Ontario) that trading in the securities of the Company cease until such Order is revoked by the OSC. The Company also anticipates that other securities commissions will issue their own cease trade orders in due course. The Order was issued in response to the Company's failure to file its interim financial statements for the six-month period ended June 30, 2015 and management's discussion and analysis relating to such interim statements (together, the "Financial Materials" by the prescribed deadline. On October 16, 2015, the OSC issued a temporary order in connection with the same matter whereby the trading in the Company's securities ceased for a period of 15 days.On September 21, 2015 the Company announced that due to the actions undertaken by the manager of its Peruvian operating subsidiaries, Minera IRL S.A. and Compañía Minera Kuri Kullu S.A., there was a temporary compromise of control of such subsidiaries. On September 29, 2015, the Company further announced that due to such compromise of control, the Financial Materials would not be published by the prescribed deadline.Minera IRL expects that the Order will be lifted after the Company files the Financial Materials.No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.---------- ---------- ---------- ---------- ---For further info see:[link] does it mean if a public company has a cease trade order (CTO) issued against it?
Kenj2
29 Oct 2015
Daryl's dodgy contract Posted on LSE by Dicknum1[link] Hodges' consultancy agreement with Minera IRL (MIRL.L) (IRL.to)There have been questions asked about this, so let IKN explain the main points of the deal between Daryl Hodges and Minera IRL. Daryl Hodges gets paid $15,000 per month for his "consultancy agreement", the money paid to his own company "Ladykirk Capital". The contract has no end date. That means if it's not cancelled, Hodges gets $15,000 a month indefinitely. If the contract is cancelled, Hodges gets a windfall payment of $500,000 plus one year's worth of monthly fees, i.e. $680,000. If he's fired, if he resigns, if there's a change of control at the company, he gets this payment whichever way. The terms of the agreement are such that he can claim his cash no matter the way he is separated from IRL. He got $100,000 when the COFIDE bridge loan deal was closed. He'll get another $150,000 when the COFIDE project financing is eventually closed, all that despite not doing a thing for the deal, before or now. It's not tied to performance at all. It's just paid, open-ended, forever.And here's the best bit: Although the contract between Ladykirk and Minera IRL began in March 2014, a great many terms of the agreement you see that include the "can't lose" windfall payment were altered in March 2015 after Daryl Hodges became executive chair of Minera IRL. In other words, he wrote his own contract and the lackeys he put on the board of directors rubber-stamped it. Then he has the brass neck of falsely accusing other people of being corrupt.
Kenj2
29 Oct 2015
Re: Compromise? Preston Plumber,The good relations with the local people that you talk about, hark back to when Courtney Chamberlain was in charge. The abridged extract from the link below suggests that problems and disputes have occurred since Daryl Hodges took over.[link] less than a month, Minera IRL (TSX: IRL; LSE: MIRL) has lost community support for its Ollachea gold project in Peru, dismissed its interim CEO, and most recently, shown its executive chairman Daryl Hodges the door. The issues appear to have started after Minera IRL’s cofounder, executive chairman and CEO Courtney Chamberlain stepped down for health reasons in March. Hodges, who joined as director in February 2014, took over Chamberlain’s board duties................But community relations turned sour in August. Juan Luis Valeriano, the president of the Ollachea community, notified Minera IRL in a letter that the community was withdrawing project support until it made management changes. The Peruvian media noted that the community had asked why Benavides was only “interim” CEO and why Hodges had taken over Chamberlain’s position after his sudden death, implying that Benavides should have taken the top job."- See more at: [link]
