The Preston Plumber
29 Oct 2015
Re: Compromise? The Board have for many years got on very well with the local population until recently. They have had meetings with them and kept them informed of developments and provided them with local amenities. This was one of the reasons that I was attracted to this company.
Kempseyman
28 Oct 2015
Compromise? I posted this on another BB so apologies if you have already seen it:With what I have gleaned from the bloggers and researchers I am minded to go with Mr Benavides. However this could be a case of a new board being put in place but then presented with a series of legal challenges and points of order by the lawyers.I fear that Diego may well have the best interests of the company, shareholders and the local population at heart but could fall foul of the strict rules of corporategovernance resulting in us losing our ability to trade the shares. I would expect the existing board not to put a (legal) foot wrong.Conversely if the existing board retain control they might find themselves without the goodwill of the local population and all the (practical) implications that would bring them. Lack of local cooperation (labour) and environmental challenges.The markets hate uncertainty. I cannot see this being resolved soon regardless of the outcome. Hope I'm wrong. Shame, I've been associated with MIRL for about 6 years now.Perhaps the best solution would be some form of mediation aided by a neutral third party and a degree of compromise all-round but I've not seen this mentioned by anyone so far.
M-A-L
28 Oct 2015
Re: Easily resolvable.... Sorry to say it, but you're backing the wrong horse. Spend some time reading this blog, particularly the entry for 26th October.[link]
The Preston Plumber
28 Oct 2015
Re: Easily resolvable.... This is a very biased account of proceedings.As Mr Benavides is refusing to provide financial information to the Board of Directors, they had to suspend trading on AIM. The half yearly report for the 6 months ended 30/6/2015 was due to be published, according to AIM rules, on 30/9/2015. This report has had to be suspended.I still recommend voting against all the resolutions at the AGM.
M-A-L
28 Oct 2015
Re: I need to do some reseach?? Hi zombynation, yes I would like to vote in the EGM. I think people will have to check with their brokers, to see if they have received voting information. In my experience, brokers only receive this information about two weeks beforehand, so it might be worthwhile checking in with your broker periodically.
zombynation
28 Oct 2015
Easily resolvable.... Minera IRL (MIRL LN) SUSPENDED – Please vote to sack the board of Minera IRL Limited. We believe they are not working in the best interest of shareholders• We view today’s statement as potentially disingenuous and potentially misleading for investors who might not know more about the current situation at Minera IRL.• The board of Minera IRL Limited report that the company has applied to delist from the TSX in Canada. TSX are to initiate an expedited delisting review for failure to comply with the TXS’s continued listing criteria.• It is our view that news of this review plays very neatly into the hands and strategy of the Minera IRL Limited board who appear unusually keen to allow the company to delist in each market on any regulatory pretext.• The statement also points out that the company’s admission to AIM will also be automatically cancelled should the shares be suspended for a period of six months. While this is strictly true, we believe the board should be focussed on making more effort to reinstate the shares and to prevent delisting on AIM and the TSX. • Today’s statement claims that “due to the actions undertaken by the manager of its Peruvian operating subsidiaries, there was a temporary compromise of control of those entities”.• It is our view that Diego Benavidez, who runs Minera IRL SA, is acting in the best interests of Minera IRL’s shareholders and the Peruvian community, whose support is essential. Mr Benavidez has sold gold held by Minera IRL SA with funds being used to ensure that Minera IRL SA and Limited meet its obligations in Peru in order to prevent a potential default situation. There is no sense of any shortage of cash within the business.• We also view the statement of cancelling the admission to AIM as scaremongering and potentially misleading as we, again, view the situation as eminently resolvable.• We believe that the Board of Minera IRL Limited are not working in the best interest of shareholders to resolve the issues which might lead to the cancellation of its listings. Conclusion: We conclude that shareholders should post their votes at the forthcoming EGM in favour of changing the board as petitioned.
zombynation
28 Oct 2015
Re: I need to do some reseach?? Apologies MAL are you voting in the EGM? How do you go about voting?
M-A-L
28 Oct 2015
Re: I need to do some reseach?? zombynation, I was referring to another poster on a different message thread - the one titled 'confusion'. The posts you have made are quite helpful.PS. There is no way I would vote for Team Hodges!
zombynation
28 Oct 2015
I need to do some reseach?? I have can you not see what I have posted? Are you a Hodges representative?
zombynation
28 Oct 2015
Re: Confusion what are y talking about read it again:Minera IRL (LON:MIRL) SUSPENDED – VOTE FOR EGM resolution to replace directors of Minera IRL• It is rare that as analyst we offer advice on the voting of EGM resolutions. It is even rarer that we should offer this advice so publicly.• We have considered statements made by the company Minera IRL (London) and Minera IRL SA (Peru) a subsidiary of Minera IRL in London.• Minera IRL SA (Peru) are proposing to replace the board of Minera IRL (London) with a set of new directors – we agree with their strategy and with believe this is in shareholders’ best interests.• A former ceo, Daryl Hodges, was recently ousted in a shareholder vote – we believe shareholders cast their votes correctly in this move.• Minera IRL (London) are trying to sack Diego Benavides, a founder of the company alongside the late Courtney Chamberlain.• The board are going through a legal process in Peru to sack Mr Benavides on undisclosed evidence from a ‘whistle-blowers’ hotline in Peru – we believe this is the wrong thing to do as we see Diego Benavides as a dedicated, loyal and critically important character in the running of the mining operation in Peru and important in terms of community relations.• We see the Corihuarmi gold mine and Ollachea gold project as valuable assets which the company should maintain and progress.• We do not see the actions of the Minera IRL (London) board as indicating the best strategy for building shareholder value.• We suspect the board may be happy to allow the default and closure of the Corihuarmi gold mine and the potential sale of the Ollachea gold project which we do not see as being in shareholders’ best interests.• We view the posting of the ‘Notice of EGM and Posting of Circular’ in an RNS on Friday afternoon in the UK at 2.30pm as designed for investors to miss this announcement.• We see the holding of the EGM in Toronto as being contrary to the interests of many UK based shareholders who might wish the EGM to take place in London.• Votes must be cast and received by Computershare in Jersey by 24 November for UK shareholders.• Minera IRL (London) has published information in Friday’s circular in an attempt to discredit Mr Lema and Mr Jorge Ramos who are proposed as directors of Minera IRL (London) board. Conclusion: We believe Minera IRL shareholders should support Diego Benavides and the new proposed directors in the EGM vote to reconstitute the board. * 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.
M-A-L
28 Oct 2015
Re: Confusion Do a Google search for SP Angel and Minera and read the latest news release.
M-A-L
27 Oct 2015
Re: Confusion I think you need to do some research.
zombynation
27 Oct 2015
Remove current BOD MORE Minera IRL (MIRL LN) SUSPENDED – VOTE FOR EGM resolution to replace directors of Minera IRL• It is rare that as analyst we offer advice on the voting of EGM resolutions. It is even rarer that we should offer this advice so publicly.• We have considered statements made by the company Minera IRL (London) and Minera IRL SA (Peru) a subsidiary of Minera IRL in London. • Minera IRL SA (Peru) are proposing to replace the board of Minera IRL (London) with a set of new directors – we agree with their strategy and with believe this is in shareholders’ best interests.• A former ceo, Daryl Hodges, was recently ousted in a shareholder vote – we believe shareholders cast their votes correctly in this move.• Minera IRL (London) are trying to sack Diego Benavides, a founder of the company alongside the late Courtney Chamberlain.• The board are going through a legal process in Peru to sack Mr Benavides on undisclosed evidence from a ‘whistle-blowers’ hotline in Peru – we believe this is the wrong thing to do as we see Diego Benavides as a dedicated, loyal and critically important character in the running of the mining operation in Peru and important in terms of community relations.• We see the Corihuarmi gold mine and Ollachea gold project as valuable assets which the company should maintain and progress. • We do not see the actions of the Minera IRL (London) board as indicating the best strategy for building shareholder value.• We suspect the board may be happy to allow the default and closure of the Corihuarmi gold mine and the potential sale of the Ollachea gold project which we do not see as being in shareholders’ best interests. • We view the posting of the ‘Notice of EGM and Posting of Circular’ in an RNS on Friday afternoon in the UK at 2.30pm as designed for investors to miss this announcement.• We see the holding of the EGM in Toronto as being contrary to the interests of many UK based shareholders who might wish the EGM to take place in London.• Votes must be cast and received by Computershare in Jersey by 24 November for UK shareholders.• Minera IRL (London) has published information in Friday’s circular in an attempt to discredit Mr Lema and Mr Jorge Ramos who are proposed as directors of Minera IRL (London) board.Conclusion: We believe Minera IRL shareholders should support Diego Benavides and the new proposed directors in the EGM vote to reconstitute the board.
zombynation
27 Oct 2015
there is more... and many reasons why we need the current BOD to leave and appoint Diego and said directors.
zombynation
27 Oct 2015
example 3&4 Example three: Here’s the part when they accuse Diego Benavides of trying to fire people who he considers enemies, or on the Team Hodges side of Minera IRL: Commencing proceedings to terminate without cause the employment of several key senior employees of the subsidiaries regarded as being sympathetic to the current Board, including the Vice-President Exploration and Environmental Manager. Which sounds pretty nasty and vindictive on the part of Benavides. But what isn’t explained brings a different light on proceedings: 1) The process to dismiss a contracted full-time employee person in Peru is often long-winded. In fact, the people mentioned in the NR on Friday still work at Minera IRL, still draw their pay, still turn up at the office where Deigo Benavides works (unlike Jaime Pinto, who hasn’t even set foot in the IRL offices yet, let alone one of their mining properties). 2) While the process drags on, one side can claim it’s “without cause” while the other can equally claim it’s “with cause” and the dispute is only resolved when a definitive judgement gets handed down from a third party (typically a courtroom in hotly contested cases). Therefore the “terminate without cause” you see in that NR segment is mere opinion. 3) It’s very biased and incorrect opinion, too. That’s something I’m not going into here, but very shortly more light will get shed on the case and it’s going to be great fun to see how far Team Hodges will be willing to defend at least one of those people when the facts emerge. Example four: Here’s a bit where it sounds as though Benavides, as President of Peru subsidiary Minera IRL S.A., was obstructing Team Hodges (unfortunately still referred to as The Company in this news release, fortunately that won’t be for much longer): Failing to call a shareholder meeting of Minera IRL S.A. when asked to do so by the Company as the controlling shareholder of Minera IRL S.A. What they don’t mention is that the shareholder meeting was called in a way that was against the company by-laws and that Diego Benavides HAD to deny the call for a meeting, else be in contravention of his company’s own rules! What Team Hodges tried to do is akin to a shareholder of IRL.to who turns up at the company’s head office and starts telling the board of directors to Do This Do That Do This. For sure if you’re a majority shareholder you have more rights, but there’s a clear protocol and procedure that shareholders have to go through in order to call a meeting and Team Hodges (above ‘The Company’
refused to go through the correct channels for their own reasons. That’s how lawyers speak to you, people. They think you’re stupid.
