RE: URSA Information [Sedar]My previous post sets out summary information outlining URSA management's response to the dissidents' attempt to gain control without paying a premium to existing shareholders.
Anyone that is considering casting their vote on the slate of Directors would be well advised to read the detailed information set out by URSA management on the Sedar site. The June 13 publication titled "Other" on this site is a must read. Read the past history of those on the F&M slate and consider whether tickle's conclusion that it "..can't be any worse that what we've been dealt in the past." may be flawed. From what I've noted, the past of URSA has not involved a crew of Directors that reward themselves in the extravagant manner that those on the F&M slate feel they are entitled.
The history of Miller (and apparently several of the other F&M slate) is the recipe for ruining a potentially successful mid tier mining company. Extravagant unwarranted compensation and perks for a few of the entitled, as the company is guided into oblivion - wiping out the investment of thousands of shareholders.
The following excerpts are taken from the URSA publication:
• Mr. Stan Bharti, Chairman, Alexis Minerals Corporation (a Forbes & Manhattan GroupCompany) – share price decreased by 92%;
2010 SALARY OF $180,000 AS CHAIRMAN!!• Mr. Randy Miller, Chief Executive Officer, Inspiration Mining Corporation – share pricedecreased by 96%;
Termination Clause of 6x ANNUAL SALARY2010 SALARY and OPTION AWARDS of $884,500 IN ONE YEAR!!• Mr. Mark Trevisiol, Chief Executive Officer (2009 to 2010), Crowflight Minerals Inc. (a Forbes& Manhattan Group Company until December 2010) – share price decreased by 92%;
2010 COMPENSATION of $824,000 IN ONE YEAR!!
• Mr. Vic Alboini, Chairman and Chief Executive Officer, Northern Financial Corporation – shareprice decreased by 74%. 2010 COMPENSATION $386,900 2009 COMPENSATION $718,534And these guys assume that they deserve "..confidence in their ability to increase shareholder value."
ISS is a leading independent international corporate governance analysis and proxy voting firm. ISS does not believe F&M deserve shareholder confidence. They also have evaluated Miller's track record at Inspiration Mining and recommended that ISM shareholders withhold their vote for the ISM slate of Directors, in each of 2008, 2009 and 2010. So what will it do for market acceptance of UMJ - turning control over to a group given a non confidence rating by leading independent corporate governance analysts?
As KerBer pointed out, those who have not already voted can do so using the internet. Don't spend the coming years regretting that you didn't take a stand against these millionaire opportunists.