This email is to ECR Minerals’ shareholders who have expressed an interest in joining a future action group. It is public information so please feel free to share it across social media.
The operational and market performance of ECR Minerals over recent years has been an extreme disappointment to shareholders. 2016 has been especially frustrating. As the price of gold has surged, ECR’s share price has remained mired at an all time low. While other small cap gold mining plays have experienced up to triple digit gains, ECR has simply continued to dilute shareholders and deliver little. At the same time the company has continued to pay and accrue unjustifiably high boardroom compensation. This is not acceptable.
ECR has rewarded persistent failure for far too long. It is now time to give shareholders the opportunity to vote on the direction their company takes.
The ECR Shareholder Group will have three clear objectives:
1) To call an Extraordinary General Meeting to give shareholders the opportunity to vote on boardroom change. This will include, but not be limited to, the removal of CEO Stephen Clayson.
2) To nominate new directors for election to the board. The founders of the ECR Shareholder Group have had preliminary discussions with a number of interested parties. Further details will be released once these discussions have been concluded.
3) To safeguard the interests of existing shareholders. The ECR Shareholder Group will seek commitments from any incoming directors to:
I. Reinvigorate ECR’s business model through the introduction of new projects.
II. Release value as quickly as possible from ECR’s existing asset portfolio, in particular the Mercator tax credits.
III. Recapitalise the company on fair terms to existing holders.
IV. Set appropriate levels of remuneration, aligned to share price performance.
V. Commit to improving significantly ECR’s communication with the market.
Communication with company
We’ve had initial contact with the board of ECR. To their credit Stephan Clayson and Craig Brown have acknowledged shareholders’ concerns. A current aim is to continue discussions to seek as orderly a resolution as possible to this matter.
The following provisional timetable is subject to change. Updates will be provided to ECR’s shareholders if deadlines shift:
· Friday 29 July – Circulate Concert Party agreement to those ECR shareholders who might wish to join the ECR Shareholder Group
· Monday 01 August – Launch the ECR Shareholder Group and issue a TR1.
· By mid-August – Call the EGM
We currently have received expressions of interest for joining the ECR Shareholder Group from shareholders claiming to hold 6.7% of the company.
i take it most of the placing been sold now, as no one buying - will see if so called action group serious as i would imagine further buys will start to move price. will see if they are serious or just trying to get news released for a quick pump and dump
I say hold your shares tight and leave as little room as possible for those day traders and their followers!
have faith in SC and let him show the world what no one expects. ECR is about to pass the turning point and change its own status! day traders / MMs etc wont vanish but we can all expect a company growing and at some day you may also see a ROI and if not you losses can be narrowed considerably im sure it will
it is all in SCs hands and not the self-appointed altruistic heroes here on AIM
Lol i know exactly how u feel. Work always seems to take over when u need to put in that crucial trade. I remember my funniest moment. Before I took a job in pharma. I was a store manager for a print company. I bought some shares on a rise that practically trippled just as a customer came in! I told them to hang on a moment and my connection dropped! Got rid of customer restored connection and it dropped like a stone in the meantime! Managed to get out though but Jesus. The adrenaline! It was collosal - just in the space of half hour!
they have suffered a damatic decline in the share price - the rebels have not, they are win win - if SC comes up with the goods they sell at 200% profit, if he doesnt they take over and sell at a handsome profit
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