The more I read, the better I like MNROK, I've perused the Information Circular, and I certainly like very much what I've read so far - so much so that I want to discuss it with readers here, if I may (feel free to private-message if you wish). Here's what occurs to me (so far)
1.) A company that has a simple management structure, full of integrity (and the report itself is one of the easiest-to-read ICs I've read in years). Managements options for 2008 are all under water - good. Lots of incentive there.
Little wonder Dr. Guest buys more shares on the open market. So should we be doing, imo.
2.) The mighty TSX (what a maroon!) allows "Principal Holders" to hold >10% of the shares without having to divulge who they are in the IC! So even Grafton isn't even mentioned (in the reading I've done so far)! They would appear under one of two 'entities' - "CDS&Co". (holding over 70% of MNR's o/s!), or "CEDE&Co." (holding 17.48% of MNR's o/s). That's over 5/6ths of the o/s between them, and doesn't include the possibility of other large holders holding under 9.9% of the o/s. Draw your own inferences, but to me this signals that MNR's ownership is pretty tightly-held amongst the companies mentioned elsewhere (Teck, and others).
3.) The whole tone of the IC speaks to management's integrity and professionalism - not that it assures or guarantees lowly sweating-peasants anything. On the other hand, management has made itself available to relatively small holders of shares in Vancouver, meetihg with them more than once. That's pretty interesting.
4.) The report might hint at (or at least I infer) the possibility that posters here hold a small but not insignificant number of shares outside of the 87.5% of the o/s 'locked up" by the bigs (and I don't think for one minute that Grafton won't sell into any good news - remember their "investment goals" are not the same as small investors'). It won't be easy to prosper here unless management were to make an important discovery or announcement. Unless or until that happens, I think we're fated to follow this one along for a while. A JV with a big (not a local Turkish company, necessarily, but, say, a Newmont (see NR of FRG the other day - Newmont has a Turkish subsidiary, which more than compensates for 'country-risk', imo). THAT would fire the imagination of the wider investment community (and, I daresay, be the 'sell' signal Grafton would possibly hearken to in order to supply the liquidity - it's not going to come from small fry like us!).
5.) Finally, I would encourage each of us to vote at the AGM (I wish I could attend, but it won't be easy). It would be a vote of confidence in management, imo, if they could report that they got close to 100% of the shareholders to cast their votes ( I would be surprised and disappointed if they get less than 5/6ths of the o/s in the first instance.)
Any comments?