RE: RE: Latest in the bun fightVictor2009,
Just a few comments on your comments.
You are correct that due notice was given regarding a special meeting and I find it amazing that RM could complain in a public news release that the meeting was somehow "secret". It is one reason why I find ISM's news release childish. Also, the fact that he never called a special meeting, although he had, as you correctly pointed out, the right to.
As regards Ursa having the right to continue normal operations, this is an area that is a little more nuanced. What constitutes "normal operations"? On Dec. 13th,2010, the company stated in their MD+A that they were using proceeds from the Shakespeare mine to funds exploration and expenses. Do they really need $2.58 million ( and a further 17 million share dilution ) for exploration and expenses at this point? I think it is obvious that the real aim is to thwart ISM getting their slate of directors on the Ursa board. There is no way ISM could get their slate on the Ursa board with less than 20% of the float unless they had some large shareholders onside. Which to my mind means the announced PP may just delay a fight with ISM ( and their allies ), not resolve it. It might be better to bring the situation to a head now rather allow it to fester for the foreseeable future.
" And why is Miller convinced that all participants in the placement will support management. "
I don't think RS would do a PP to thwart ISM if he didn't think the participants would be partial to his slate of directors.
Throughmud is correct in that RS has built up Ursa from the ground. It would be very unfair for someone of RM's caliber to waltz in and do a de facto takeover of Ursa just when things are falling into place. However, I firmly believe that it is not just ISM that want changes and the longer this festers, the more shareholders suffer.
There is no doubt that RM has underestimated RS and the bitterness comes through in his news release. If he and his allies do not get their way on March 3rd, I would expect a lot of selling pressure on the stock. What I would like is for both side to get together, find some middel ground and move the company forward. I would especially like to hear what the dissidents propose to increase shareholder value.
On the bright side, it puts a spotlight on Ursa. Who knows, maybe some company with deep pockets will take a look at Ursa and decide that money invested there will bring in a good return.JMO