The Delay of the AGMSomething is going on at MOK, I think.
Until now, this company has been very regular and predictable with the timing of its Annual General Meetings. The last 10 AGM's have been held on these dates:
June 26, 2003
June 29, 2004
June 22, 2005
June 21, 2006
June 29, 2007
June 11, 2008
June 23, 2009
June 29, 2010
June 21, 2011
June 21, 2012
This year, the AGM was originally scheduled for June 20, 2013. Then, without any explanation, it was cancelled, and it has not yet been re-scheduled.
Is it just a coincidence that the $2MM note, payable to Wesdome, has also been extended? The note was originally due and payable on April 29, 2013. On May 3, the note was extended by two months to June 29. On June 28, it was mysteriously extended again, this time until September 29, 2013.
And evidently the PEA has also been delayed. The MDA's which were issued on Apr 26/13 and again on May 13/13 both stated that the PEA would be issued in Q2 of 2013 -- in other words, to synchronize with the AGM and with the maturity of the note to Wesdome. Is it just a coincidence that the PEA has been delayed, the note has been extended, and the AGM has been postponed? I think not.
I speculated in my earlier post on June 15 that Wesdome is planning to sell MOK and/or to buyout the minority shareholders. I stand by that prediction, and I suggest that the AGM has been postponed because an important resolution will be presented to the minority shareholders -- but it's a business item that for some reason has been delayed, probably because it is linked to the numbers that will be found in the PEA.
Time will tell.