Ann: Results of Annual General Meeting, page-8

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udprelay

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17/01/17

20:10

Post #: 21956498
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Originally posted by Unraveled ↑

AGM report

With all three, new directors claimed to be overseas with prior commitments, the Company Secretary, Justin Mouchacca chaired the meeting.
The official business of endorsing the new directors and accepting the accounts took a few minutes.

Justin claimed immunity from answering questions about the previous board’s actions and resignations resulting in the Allied Mining proposal falling over, claiming he wasn’t involved in any discussions and knew nothing.

He followed this theme with responses to the proposed activities of the new board as he had only one discussion with them which was about chairing the AGM.

Justin offered to present the directors with any questions or issues and advised that one of them would phone me direct in the next week or so and respond personally. If they do this, I will advise.

The issues I had were:

1. The company still owns are 5.1 million Kin Mining shares.
I recommended not selling these for a loss (current price is on a slide) and that one could be reasonably certain that many shareholders would have the same sentiment.

2. Confirmation of cash at bank – which Justin advised would be in the next quarterly.

3. The opportunities and general direction that the new directors were considering. Specifically: markets, industries, funding, timelines etc. and some justification for those choices and their potential benefits.

4. Proposed remuneration and share option plans for these directors - which are to be considered by the shareholders.

Justin advised that a ‘target statement’ was being prepared and claimed it would be released next week following a meeting later this week.

Whilst the non-attendance of the directors was disappointing and should have been included in the AGM announcement to save some of us the hassle of attending, the reality is that there hasn’t been any time to really put a plan together because, according to Justin, the old board invited these three professionals to make up the new board and all have fairly full schedules. They were approached, they did not target MHM.

Moreso, the lack of planning is understandable because of the distraction from Mercantile, who I notice released a supplementary (corrected) statement today showing they didn’t initially seem to have a good grasp of the assets or major shareholders of MHM Metals or the correct amount of their offer.

So unfortunately, more patience is required and whilst there was no sense of three white knights riding into the battle to save us, nor was there any disparaging commentary. We all will just have to wait and see.

Cheers to all.

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Thanks for the detailed report.

Only 3 million shares voted against the resolutions which includes more than one million shares of mine. I am disappointed we were not able to give the board a first strike so they will have two more years to waste our money.

MHM Price at posting: 3.5¢ Sentiment: Hold Disclosure: Held
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