I have contact the company recently after hearing "rumours". It looks as though a relist will not happen. Two possibilities, (1) all assets to be sold individually, creditors to be paid off (including directors salaries), and what is left over split between the shareholders. (2) an offer to buy CMR in its entirety from another company.
It does look as this is as good as it is going to get, so we now have to hope that either any one of the two possibilities above does happen.
I did manage to get to the Cambridge AGM today, you know, the one that the Iberian Directors cancelled !! The Board comprised of Mr Newman (CMR Director), Mr Slater, Mr Robins, (both Iberian and CMR Directors), and Mr Burton, CMR Director only.
Also present was Allianz and the two biggest private investors that CMR have, besides CMR Broker, Registrar, and other concerned shareholders.
The meeting was conducted in a civilised manner, and there was no shouting, spitting, kicking or fighting.
On a serious note, then Mr Philip Newman convened the Meeting at 09-31. It was then stated by Mr Newman immediately, that as a result of certain critical developments affecting the Company and it’s business, the directors had decided to recommend and propose that this AGM should be immediately adjourned until a date to be advised but no later than 31st January 2012.
The Iberian Directors then spoke about how good they have been doing with “this and that” and if it were not for them CMR would already be history. CMR shareholders then countered by reminding those Directors how inefficient and unsuccessful they had been and that we (CMR) have still not received our Iberian shares which was a part of the sale conditions of Lomero-Poyatos to Iberian. A vote was then taken regarding the adjournment, and it was “no contest” the meeting would NOT be adjourned.
With that, Mr Newman stated he would resign immediately there and then, followed by Mr Slater and Mr Robins saying the same. Mr Newman and Mr Robins left the meting immediately.
Mr Burton took the “chair” and continued with the meeting. ALL Resolutions, other than the Resigned Directors Resolutions were duly voted on, and a UNANEMOUS vote to each remaining Resolution was passed.
Without me going on in detail about other matters, then it was agreed a meeting of major shareholders would be convened in the very near future to discuss the strengthening of the B.O.D. and discuss the next action for your Company.
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