Will Global 8 have a shareholder's meeting on October 7? Though Milverton Capital has sent out a "Notice of Meeting", there are many irregularities.
Neither Milverton or supporters of the current Board have filed a proxy and some shareholders who own street shares, rather than private placements shares, have only just received their copies of the notice. .
Company Bylaw 2.5 states these materials should be sent out at least 30 days before the meeting, but that deadline has long passed. There are only sixteen days left until the proposed meeting.
Then there is the question of candidates. The SEC insists you cannot hold a meeting to elect Directors without naming your candidates, but Milverton did not list any candidates in their notice. Are we to assume that Milverton is running the same slate that is mentioned in their many preliminary proxies? The BC Securities Commission's five day hearing into Don Dyer's allegedly illegal stock sales is expected to conclude on October 7. Thus it is conceiveable that Dyer could be both elected and barred from serving on the same day. While no such impediment hinders Milverton's other candidates, there has been no confirmation they are still running.
Tad Simmons spoke with someone from Broadridge, who Milverton used to distribute their notice. Simmons was told there were irregularities connected to that notice and it was sent out for "information only". (But the notice specifically calls for the election of four Directors!) Simmons was also told that the date of record was not August 19, as stated in the notice, but August 25.
Despite the irregularities, both sides are now preparing for the meeting and there should soon be more items posted to the SEC site.
From every indication we have seen, the current Board would win a majority in a fair election. |