RE: RE: RE: RE: News - and good news at that! As you know Rocck:
1. I know all about litigation, stock market regulation, etc.,.
2. I have what for me is a significant position in ETG and rely on our management and major shareholders' and JV partners fidelity towards ETG and its shareholders.
3. I don't like litigation, I think it is generally wasteful, distracting and expensive. BUT, as you well know, the law in Canada has agreed that class action proceedings may be a corporate remedy for minority shareholders in addition to the dissent, oppression and derivitive action remedies - and hugely empowering for the little guys apart from the pounds of flesh necessarily extracted by the legal counsel required to pursue such claims on a sizeable contingency to cover their risk, especially through to the certification stage when abject failure is possible.
4. On the other hand, there have been so many inexplicable (or should I say as yet unexplained) actions through the years, as the project in Mongolia plays out we should (and I am definitely pulling for them) support and trust in our management, that all will be made clear in the end and they will reveal a course of conduct that was throughout in the best interests of the company, and through the company, all of its shareholders without prejudice, favouritism or oppression. I know some consider the salaries, bonuses and perqs. taken as oppressive in and of themselves. I'd say they have to be measured against the resolution achieved at the end of the day. I support management on principal for their work advancing the interests of the company until I have good reason to believe otherwise. I'm not going to snipe at their decisions from outside the boardroom - but I have been somewhat baffled by the position we find ourselves in today considering at one time ETG was the 100% owner of the Heruga and the HNE ground, both now slated to be major parts of one the world's largest mining complexes, and our market cap has been "managed" by market circumstance and business decisions down to a paltry sum. As for any kleptocracy, can't complain without having a hard look at the books and seeing something amiss.
5. We are inter-listed on AMEX. I hear the Americans offer free accomodation for misbehaving foreigners from commoners to Peers of the Realm down in the Federal Penitentiary in Florida, where the daily food budget per guest comes in at under $4/day, and laundry service is provided for shape-flattering prison garb at the nation's expense. Lord Tubby and Hollinger's experience should be instructive about the zeal of Federal prosecutors for fair dealing with the investing public, honest use of the Federal mails, etc., and was no doubt intended as a warning and lesson to those who may dabble in American public stock markets.
Like you I'm still hopeful of a fair and reasonable resolution. I can't see ETG's JV interests not being taken-out, but in the event we just wait until JV cashflow those cashflows will propel much higher share value.
For the time being, how about a more reasonable share price and market cap? This is a joke down here. What a bargain for latecomers I say. It's like those sell-offs on cruise ships and last-minute holiday bargains - there may not be a whole lot of paper around or room for many more to squeeze in, but as long as it is being offered at such a massive discount to what to me is obvious net asset values far higher .... lucky buyers.
Note the period of time that has now past since management did anything but buy additional shares on the open market. That might be a telling sign? Mr. Colwill the latest to throw some spare change into the pot.
Quite a story. Hopefully Lord Howard might have a sympathetic ear or two among his old friends in London that might help get things bubbling along for long-suffering ETG again.
cg