Voting Package... Just finished reading the mgmt info circular that came along with my voting package for the October 4th shareholders meeting. Here are a few of the highlights:
- Bucholtz is getting paid $10,000/month. For what I don't know because nothing seems to be going on with STI. I picture Malcolm spending his days in his basement blogging about how this is a great time to buy gold because Mars is crossing Saturn (wtfrak??) (https://twitter.com/investortips)
- Bucholtz owned a whopping 300,000 shares of the company at December 31, 2011. Wtfrak...I'm just a regular shmoe and I own over half that amount! According to Cdn Insider he sold 300,000 shares in March 2012. With the information he had I guess he figured he'd better do it then, rather than getting stuck like the rest of us bag-holders once the stock consolidation was announced.
- Gledhill works just 1 day per week and gets paid $1,000/week. What accounting work there would be for Gledhill given that very very little has occured with this company for the last couple of years is beyond me.
- It would cost us the equivalent of one years salary for each Bucholtz and Gledhill if we could turf them somehow (unlikely)
- Cook seems to have a bit of a shady past - since '07 he's been a director for two juniors that had cease trade or similar orders levied against them for a period of 30 days or more. One of them - GLR - was issued the cease trade order in April '09 and it wasn't lifted until September '10. Imagine that!! What's he doing on our board?
- Currently Bucholtz holds 1.2M options at an average of 0.15. Gledhill holds 1.05M at an average of 0.129. At least Bucholtz's average cost is the same as mine...he can share in some of my pain. Ultimately though, he's still making at least $120K/yr from this company while spewing jibberish to a whopping 69 followers on the world wide web. LOL
- Then of course there the 'potential' up to 10:1 reverse split. No worries though, our outstanding b.o.d. per the circular will use their discretion to adjust this ratio (....yea...sure they will...)
They also included a Message to Shareholders letter that opened with "2012 has so far been a very exciting year for Strategic Resources". That's really not saying much given that at the end of 2011 management advised us that they were basically dumping all but the Gallinas Mtn project and a lousy graphite property in BC. See my highlights from the 2011 Q3 MD&A here: https://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=STI&t=LIST&m=30491536&l=0&pd=0&r=0
It's really not looking good for this one. I've totally lost faith in the management here and I can't see anyone dumping money into this venture given the strange rantings of its CFO. My mind will be boggled it they find someone to take the private placement.
Seven.