Iciena’s AGM update – Oct 17, 2008
I attended the AGM on Friday – Most of the agenda was dealt with but financials where tabled till this Friday to be reviewed and approved.
They have scheduled another meeting, same time, and same place for this Friday Oct 24, 2008 to deal with the financials and MD&A.
This is the hold up with the exchange to get trading reinstated and Iciena Management advised the necessary revisions have been completed and submitted for exchange acceptance. These changes went in late last week and is believed the new filings will be available on Sedar today.
Apparently, what is causing the hiccup with the exchange are the MD&A information… the exchange is looking for more detail then what has been stated. Apparently the crutch is the new rules recently implemented as it relates to the required information to be contained in the Management discussions. Iciena indicated there not the only company having to deal with these similar change issues.
Iciena’s past practice (as far as I look back) was a shorter and more to the point MD&A. Iciena followed past practices that news releases had all the pertinent data and therefore only generalized these details in their MD&A. That said, Iciena has now adopted the required changes and indicated they now meet the requirements. They MD&A moving forward is much more detailed, reiterating indepth all the public news releases and that the new filings are double in length. (8 pages to about 15 pages)
They are hoping the new filings will yield acceptance from the exchange prior to this upcoming Friday meeting and then they can apply for a trading reinstatement. The company lawyer indicated that once approval is obtained that the reinstatement process will begin. It’s estimated the reinstatement process will take about 4 weeks, after the financials/MD&A is approved, till Iciena becomes free trading again.
The meeting was attended by Iciena management, lawyer, trust company, a scrutinare and 3 retail shareholders. With the 3 retailers we held 1.8 million voting shares and apparently 47 people submitted proxies making up about 10.5 million shares.
Everything on the agenda passed, excluding the tabled financials (for this Friday) with the roll back plan (3 for 1) receiving some opposition. Management reiterated that the roll back proposal is not implemented but only approval is given to the directors to proceed if they deem it in to be in the interest of the company & shareholders. I got the impression that Management is not committed at this time to ram this roll back plan into place.
When the meeting was closed it was opened up for a general business update, some general discussion and a question period.
There has been work occurring in Brazil and the company indicated that there are items to disseminate once they have the stock trading again. Reading between the lines and well cross reference with the financials I draw the conclusion that significant work has in fact been happening in Brazil.
There cash levels are low with $ 40,000 in the bank. The company alluded to they have large supportive share holders lined up who are willing to step up and finance a drilling program in Brazil when needed. Raising the capital needed seamed not to be of concern.
On a side note – Iciena has been active the last few years on the Brazilian property.
They flew a 2.1 million dollar air magnetic survey that resulted in Iciena publicly stated they have identified high priority targets for further investigation. My gut tells me these high priority targets have been further scrutinized over the last several months and most likely been done in conjunction with some further ground sampling in Brazil.
I speculate that the next serious of events since the air survey & interpretation will be ground sampling to narrow down the very best high priorities, this sampling will be used to select the optimal drilling targets and the needed catalyst to raise the drilling & operational capital.
I asked the question regarding the new property acquired this past year in BC. The response was that a news release will be disseminated ASAP. They did mention it’s a Molly/Platinum property (I think on platinum) and that they have historical data. The goal moving forward is to joint venture a percentage of the property out (others to commit the drilling costs in exchange for a % in the property), or to flip the property for an investment gain down the road.
I will sign off for now as to not make this update to long or drawn out.
I am planning to attend the second AGM this Friday to review the tabled Financials… because the meeting is adjourned and not concluded it will also give opportunity to ask more questions.
Does anyone have any questions?
Update REGARDS;
Tommer3