Arcan Resources Ltd ARNBF

I finally found the actual vote tally

[seriousinvest]

• Vote outcome: a definite no. 58% of shareholders, 55% of 2016 debentureholders, and 60% of 2018 debentureholders opposed the arrangement.

It is incredible that they did not even get a majority vote from the shareholders.  How could managment have wasted that much time and money(I bet that proxy statement alone cost over $1m in legal fees)? Wouldn't any prudent management consult its largest shareholders before going public with this proposal.  More importantly, what do they propose to do now? Managment claimed that it was essential to do the deal.  They have to have an alternative plan since they made it very clear that the company was facing some serious porblems.  How do they propose to solve them?  We are in the dark because they haven't a clue.  They really should resign and turn the management over to another more capable team.  By their own admission they have failed so why are they still in control of the company.  This is a $300+M asset that needs new leadership and it needs it now! 
I ask the Board and senior management to resign for the good of the company and all its stakeholders.

[barneymillar]

You do not seem to understand the transaction that was proposed. Aspenleaf made this proposal, not Arcan. Arcan's board negotiated the best deal that they could( I assume) and then presented it to the securityholders. I also assume that Arcan and more specifically Aspenleaf talked to the major shareholders. It was Aspenleaf's proposal. You are no doubt correct in that the Info Circular was

[teevee]

barneymillar,  ARN now operates at the whim of the banks. 

[BWJohn]

Come on - the banks are only a small part of this problem - ARN is really at the whim of this managment who have managed to snatch disaster out of mouth of  success. The share price was slowly showing signs of recovery as the positive reports showed progress and then that market confidence disappeared with the expensive/dumb/ill timed/ridiculous/crazy proposal. IT'S NOT THE BANKS - IT'

[BWJohn]

"Who will run the company if the Board resigns?" Really - I'll bet if they put a advert out and they will be swamped with talented people wanting well paid jobs and a chance to make some great bonuses! Please Barney, don't apply as I can see you selling us all off for peanuts

[mike49]

aspen offered the deal because they smelled blood.arn mngt wanted it because that was the only way to get paid.the biggest share holders said "no"so arn came up with this 'retention' b.s. into the ground and the sooner the better.not trying to be mean(i was in this at 4 to 7 with hopes of 20-swan hills boy that i am but their field work just didn't add up so i bolted)- but