Response to - Push Betts to work for us At the risk of further surpression of the stock price -
I received a single response from IR, which was on top of my e-mail to Betts, who obviously is not answering himself, but forwarding to IR. This says to me he is not acting "Independently" -
The following is the response received June 26, followed by what I resonded with on June 29. I have received no further communication.
On 26-Jun-2012 10:08 AM, Amy Aravantinos wrote:
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> Dear (Deleted)
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> Thank you for your e-mail and for your continued interest in Adex Mining Inc. (TSX-V: ADE).
>
> The company’s search for a permanent President and CEO is ongoing. As I’m sure you can understand, this is sensitive information, and Adex will issue news in this regard as warranted. The company is doing what it can to actively seek out a qualified individual for this position. In the interim, Linda Lam Kwan, the rest of the management team and the Board of Directors will continue to support and drive the company forward towards its ultimate goal, production. Ms. Kwan is a highly qualified executive with a track record of success spanning more than a decade in the mining and steel industry.
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> Adex believes that the presence of Great Harvest as the major shareholder has been beneficial to Adex, particularly given the current challenging market conditions for junior mining companies. The timing of the completion of the Feasibility Study is being driven by the technical aspects of the project and the various steps, such as the retaining of the appropriate technical consultants, that need to be put in place. Adex has no reason to believe that Great Harvest will not fulfill its financial obligations to Adex.
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> Please don’t hesitate to contact our office if we can be of further assistance.
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> On behalf of Adex Mining,
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> Amy Aravantinos
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> Investor Relations
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> Primoris Group Inc.
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> Toll Free (North America): 1-866-508-2339
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> Outside North America: +1 416-489-0092
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> Fax: +1 416-352-5239
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> investorrelations@adexmining.com
This is a very inadequate response to investors with a large holding. (Not that ANY investor isn't entitled to answers on the activities of the company.) There should be NO secret about the PROCESS of recruiting a president, especially when the position is not even posted on Adex's own web site and googling "ADEX Mining President" does not come up with any recruitment information. I have acknowledged that the details of where that process is at and any individuals being vetted quite reasonably would be confidential. The fact that there is no posting says that the company is NOT "Doing what it can". Investors DO have doubts about Ms Lam Kwan's experience and ability to lead this company, and in searching the internet I have not been able to find any evidence of her experience in mining. Further, since the AGM, when Ms Lam Kwan was absent due to health reasons, I have heard unverified reports of her condition that suggests that it may interfere with her availability to perform her role in the current year. If Berkshire Hathaway can keep it's shareholders apprised of it's efforts with respect to hiring of Sr. Executives and Mr Buffet's health, Adex can do a more acceptable job as well. Failure to report on these issues and the apparent lack of progress in the company is undermining shareholder confidence and suppressing valuations to ridiculous levels. One only hopes that insiders are not continuing to withhold answers to these questions, and/or slowing the progress of the mine development to keep share prices low while increasing their holdings at suppressed prices. Should my wife & I decide to attempt to liquidate our holdings, a sale of this size would further suppress the share value and we would suffer further financial loss in what has been billed for over 3 years on the web site as a "Low Risk Investment". With respect to Great Harvest, one only has to read about the shipping industry to have concerns about their ability to meet their obligations. Their own annual report ( https://www.greatharvestmg.com.hk/pdf/en/e_A120598.pdf) is NOT reassuring.
These questions are of material interest to shareholders. I will continue to press for answers. We have lost about 50 % of our investment on this "Low Risk Investment". This is not what I would call low risk. I have concerns about the board and management and if I cannot get adequate answers I will be forced to explore my options through the OSC or legal efforts.
Hoping that this will receive a more thorough and respectful response,
Sincerely,
(Deleted)