From under the rocks to open court ... Exposing the slime!
Cheers to you, Norm
Regal Resources shareholder seeks court-ordered AGM
2019-06-18 10:43 ET - Street Wire
by Mike Caswell
Norman Charles Miller, a retired Vancouver man, has filed a case in the Supreme Court of British Columbia in which he complains about the failure of Regal Resources Inc. to hold an annual general meeting. He says that the company has not convened an AGM or filed any financial statements since 2015. Mr. Miller is asking for a court order that would remedy the situation.
Mr. Miller's allegations are contained in a petition that he filed at the Vancouver courthouse on June 13, 2019. The sole respondent is Regal Resources, which had a listing on the Canadian Securities Exchange until April 25, 2016. When it delisted, the company was subject to cease trade orders that the B.C. and Ontario securities commissions had imposed, citing the company's failure to file its financials.
Mr. Miller (who owns 150,000 of Regal's 48,521,959 outstanding shares) complains that the company's failures are something that should warrant the intervention of the courts. In his petition, he says that Regal remains active, with valuable property and activities that its directors have failed to properly disclose. Mr. Miller provides no details of these activities, only pointing out that the company has not filed any documents with the BCSC since an Oct. 6, 2015, news release.
Much of Mr. Miller's petition recites the obligations of a public company with respect to filing financial statements and holding annual meetings, and pointing out the failures of Regal Resources with regard to those obligations. Mr. Miller says that the company has not held an AGM since May 21, 2015. It has also not filed any financial statements for the fiscal years 2015 through 2018.
Mr. Miller is asking for a court order that would force Regal to convene an AGM within 60 days. The items on the agenda would cover the business typically conducted at an AGM, including the receipt of financial statements and election of a board. (The company last listed its directors as being Gregory Thomas, Quentin Brown and Tony Louis.)
Vancouver lawyer John Forstrom of Hakemi & Ridgedale LLP filed the petition on Mr. Miller's behalf.
Regal Resources has not yet filed a response. The company has not traded since Dec. 14, 2015, when the BCSC imposed a cease trade order. When it last traded, the stock was at 6.5 cents, making Mr. Miller's 150,000 shares worth $9,750.