RE: RE: RE: Robert Mowat Geezer321 I believe that the management circular reference to beneficial owners will apply to all of us retail investors who have the share holdings held in street name. Actually to any shareholder when the shares are held in street name.
In the case of the 2004 RTO, when the 40,000,000 FGW/BAJ were deposited into the escrow accounts of the three relevant trustees, I do no think that the individuals would be characterized as "actual beneficial owners" of these shares. Allow me to quote from a printed document I have in front of me from the TSX Venture Eschange. It is dated December 17, 2003. It is a FGW Press Release entitled, "First Goldwater Announces Boleo Copper Acquisition":
" ... This transaction is an arms-length transaction. The registered shareholders of Mintec are ... (the three trustees I name in my earlier post) ... The registered shareholders of Mintec hold such shares as Trustees for various discretionary trusts ... (which I name in my earlier post) ... and their respective families, respectively, are the principal potential direct of indirect discretional beneficiaries of such trusts. None of such potential beneficiaries exercises, directly or indirectly, control or direction over the shares of Mintec, which control is exercised by the respective Trustees. ..."
Kindly note that the above paragraph refers specifically to ownership of the capital stock of Mintec and not to the 40,000,000 FGW/BAJ shares which were issued to the escrowed accounts of the three registered owners of Mintec. I have not research this issue any further except to provide the following excerpt from two Baja Press Release The first is dated September 25, 2006 and entitled "BAJA MINING RELEASES ESCROWED SHARES":
"Baja Mining Corp. (the “Company”) advises, further to a news release dated August 25, 2006, that the Company has now graduated to Tier 1 status on the TSX Venture Exchange. In accordance with TSX Venture Exchange policy and the Company’s escrow agreement, the remaining 12 million escrowed shares of the Company will be released immediately."
The second Baja Press release is dated October 2, 2006 and is entitled, BAJA MINING COMPLETES DEFINITIVE FEASIBILITY STUDY DRILL PROGRAM; CLARIFIES ESCROW RELEASE:
" ... In addition, the Company would like to clarify that the escrowed shares “released” as per a news release dated September 25, 2006, were already part of the issued and outstanding share capital of the Company and were merely released to the registered holders of such shares under an expedited release program as a consequence of the graduation of the Company to Tier 1 issuer status on the TSX Venture Exchange. These shares were issued to founders of the Company in April 2004 in conjunction with the initial public offering and in no way increase the dilution of shares currently in the market place. ..."
Of course, the shares were not issued "to founders of the Company". The Company in question was founded in 1985 and went through three name changes. Baja Mining Corp. was not formed in 2004. It was formed in 1985. The shares in escrow were issued to the registered shareholders of Mintec.
The next time someone speaks to management, why not ask if Robert Mouat and John Greenslade can now give direction on how to vote their Baja shares held in trust accounts?
Cheers,
Doug.