RE:REACHING OUT TO CSA: MINORITY RIGHTS Madmike0 and tiger77 –
I would encourage each of you to go directly to the CSA - don't waste your time with Frontera and CGX. Not only is there a clear framework within the CSA to oversee these types of transactions – but, they are also in a position of authority to act and
enforce the framework.
Other areas for the SCA to consider looking into:
- Potential Conflict of interest:
- Who (or what party) determines (or approves) the compensation for Suresh Narine?
- What about the compensation of the other CGX board members – who determines and approves their compensation?
- Who (or what party) approved the grant of 1,000,000 options of CGX common shares to Suresh Narine in 2017?
- Does CGX have a conflcit of interest policy? Where is it?
- Who does Erik Lynberg represent - CGX or Frontera? It can't be both.
** Note, I like Suresh and what he has done to promote CGX as an indigenous local company in Guyana. However, there are serious questions here when it comes to independence and conflicts – all of which should be investigated by the CSA.
- Prior Valuation Disclosure:
- Has there been any bona fide offers by any third party involving CGX assets, securities, joint ventures, etc. within the past 24 months?
- Has CGX and / or Frontera publicly disclosed the details of those bona fide offers to minority shareholders?
** Part of MI 61-101 framework is to ensure there is clear transparency regarding prior valautions - which includes clear transparency over all historical bona fide offers made by third parties.
Many of you have held shares and been in this game for a long time. All we are asking for here is a fair, transparent evaluation of CGX as part of the transaction(s) being considered. That we have access to all the information. Further, the transaction(s) takes into account the interest of minority holders equally with those that hold more than 10% of CGX stock.