RE: I would like to think thatUnfortunately the 19 Dec release (on GBK WEB and emailed to subscribers) of the 16th AGM is just as disappointing as the actual meeting was! I had attended with hope of getting some meaningful update to the many issues but all discussion was thwarted with " current arbitration does not allow us to disclose" ....
In the course of the two ritual motions for Stock option Plan (For 59%, Against 41%) and the Shareholder Rights plan (For 83% Against 17%), during the "any questions / discussion" b4 taking the vote, one gentleman as Proxy to a group, raised a list of questions on the operation and management of the company but each question was denied response as being "outside" the motion at hand --- ( which they probably were but I suspect this was a way of getting the questions listed in the AGM report, which unfortunately they were not !!) I will attempt to list some of the questions from recall following:
-- Why the two private placements at
.15 and with such dilution
-- Were any insiders involved with the offshore Caymen Island group purchase in the PP's
-- Why were shareholders not notified immediately of the
.30 offer from JJ
-- Justify the high salaries paid to Executive
-- Why the recent high paid appointment of a VP Operations when we don't have operations
-- Why the high rent paid for office to the wife of an Insider
-- Why is GBK attempting to veto funding (borrowing?) by JJ
-- Is there an Insider reporting on the Stockhouse Bullboards
There were quite a few more questions but I do not have complete notes....
Other observation:
The meeting was attended by a silent contingent, six or so, of the other partner (JJ?) --- When the meeting closed, one other sharehold threw some not so quiet challenge to them about ..."Stealing our Canadian resources" but no response. I also got to speak to one of the Directors about the obvious shareholder frustration to the lack of information.... reply which was reflected by all executive --- "we are very handicapped by lack of information and cooperation of JJ in the ongoing arbitrations" No, the arbitrations are not open to the public.
Since then I am trying to put together for myself a meaningful list of the Arbitrations so as to question GBK for update.
As to this report ... I SEEK SAFE HARBOUR