FRONT FOUR misleading circularSee below. This payment was to Harry Knudson, who was not a Renegade director or Chairman This is either very sloppy research (which is pretty bad if they want my vote ) or intentinally misleading disclosure (also pretty bad). Does NOT help their credibiliity at all. Budd has been paid only $59,000 to date, not the $5 million i read somewhere.
However, the change of control triggers in RPL's plan is total BS. Given where RPL was sitting, there is NO WAY a board change should have triggered this dilution.
This is a LOSE LOSE scenario.
The Current Renegade Board; Confused & Conflicted
The current Board has been conflicted since the inception of the Transformational Transaction. Buried deep in the Management Information Circular filed November 15, 2012 for the Plan of Arrangement ("POA") with Renegade and Canadian Phoenix, a onetime disclosure is made on page 62 of 260 whereby the past Chairman received a consulting fee for "finding" the Renegade, Canadian Phoenix and SE Saskatchewan acquisition package. This fee, totalling nearly $1 million, was never presented in any press release building up to the POA, despite being a material fact that may swing the view of independence with respect to the unanimous support for the Transformational Transaction. Some of the current directors were present in approving this highly conflicted expenditure.