Firering Strategic Minerals: From explorer to producer. Watch the video here.
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As "outsider" shareholders, we must all please actively vote AGAINST a resolution to liquidate our UK Parent. There is absolutely no upside for us to vote to voluntarily liquidate the UK Parent (and probably lose our entire investment) before the Canadian operating subsidiary sale process or other restructuring is fully completed and we know our position with more certainty. We must act in a co-ordinated way to maximise our say. If the creditors of the UK Parent put the Company into compulsory liquidation then at least it will be a court-appointed liquidator who will investigate the management team independently and we will have lost nothing. I dont know why they would do this until they know the outcome of the Canadian process. We must stay in the game as long as possible and at least we keep alive some hope of a co-ordinated recovery from this apparently productive but mismanaged mine.
The voluntary liquidation was proposed by the directors to protect them from more personal liability, and this liquidator has been appointed by the directors themselves. We owe it to ourselves to keep our investment alive as long as possible so please actively vote against AGAINST liquidation (don’t just abstain).
Please keep hassling your own broker AS WELL AS Begbies Traynor (who are the proposed liquidator) to get whatever is needed to exercise your vote against the liquidation. Begbies contact email for this matter is as follows:
as-team@btuk.com
Please DO NOT give the Chairman a proxy to vote on your behalf as they will just vote your shares in favour of liquidation.
I have been communicating at length with my broker, Hargreaves Lansdown, and they have now assured me that they are actively chasing the custodian to ensure that I have full access to the meeting on 23 May and the voting. I am also chasing the proposed liquidator, Begbies Traynor, who are running the meeting. Please keep chasing your own brokers AS WELL AS Begbies Traynor to get whatever is needed to exercise your vote against the liquidation. Begbies email details are as follows:
as-team@btuk.com (full team), paul.cooper@btguk.com (Paul is the lead partner), james.allen@btguk.com (James is assisting Paul).
Begbies have said they will send all necessary info to enable shareholders attend / have their say and vote. If any of us is prevented from voting or attending despite our requests we should challenge the validity of the process.
Please DO NOT give the Chairman a proxy to vote on your behalf as they will just vote your shares in favour of liquidation to protect the directors who have already mismanaged the business.
I am happy to update you on anything when it comes in.
My broker, Hargreaves Lansdown, have assured me that they will chase things up to ensure that they provide what I need to have full access to the meeting on 23 May and the voting. I have also chased the proposed liquidator, Begbies Traynor, and they sent me a PDF of the "letter to shareholders" (which is posted on the Rambler website under "press releases"). They say they have now sent this to all the registered shareholders - but my broker has not received anything yet. You will see that there are two "remote" meetings planned - one pre-meeting on 15th May and then the voting metting on 23 May.
Please vote AGAINST against the voluntary liquidation on 23 May because - whatever anyone says to us - it will only serve to protect the directors and will leave us in the worst possible position. We must do everything we can to keep our investments alive until the Canadian position is sorted. If the creditors choose to liquidate our UK Parent Company then we will have to accept that but we, as shareholders, must not initiate it.
If any of us is prevented from voting or attending because of confusing and impossible hurdles we should challenge the validity of the process.