Shareholder requisition for upcoming AGM ???Was asked last night if I knew anything about a requisition being sent to Karnalyte Resources Board of Directors for the upcoming AGM.
Apparently, there is a group of greater than 5% of Karnalyte shareholders requesting an independant investigation into the previous management and Board of Directors actions occuring between May 2017 through 2019, including events leading into both the 2017 and 2018 AGM, the Rights Offering, and that those results be made public prior to the next AGM.
I had not heard about this requisition, but I can’t see any reason why Karnalyte would refuse an investigation requisition from shareholders considering precedent was set in 2020 when the self appointed CSG made several Special Meeting requests regarding allegations against the current board and management team, and those requisitions were granted.
In looking back at the CSG details
“Concerned Shareholders Request Independent Investigation” resulted in several allegations regarding breaches including:
"• the provisions of the Subscription Agreement;
• Canadian securities laws;
• TSX rules and regulations;
• the Code of Conduct; and
• their legal and fiduciary duties to Karnalyte shareholders
and the only logical and plausible conclusion from the facts is that they are following a conscious pattern of behavior designed to:
• control the Board when they are not entitled to;
• entrench themselves as Board members;
• act in the best interest of GSFC, rather than in the best interest of all shareholders; and
• as a result, oppress the Karnalyte shareholders." That Independent Investigation completely exonerated current management and board of directors of any wrong-doing, and there would be no reason for any shareholder to vote against further investigation into the similiar allegations considering the turmoil and the unnecessary waste of the shareholders treasury that occurred between those dates.
Maybe the folks at krnshareholders.com have heard about this requisition, as last night was the first time I had heard anything about it.
https://krnshareholders.com/