Voting for dissidents I'm voting for the dissidents for the same reasons as many others including:
1.Questionable purchases:
Overpaying for Murchison when they could have launched a takeover for KGL Resources (which according to KGL was owned 100%). For $15M MMY could buyout KGL and use its assets and its estimated $7M+ to pay for the asset. Murchison wasn't close to being profitable and in my view doesn't look like it will ever be. At the time MMY made the offer KGL had roughly a $12M mcap. Other odd deals to buy Central Australian (phosphate) and then the Mengapur (polymetalic) really don't fit MMY's profile and are questionable.
2. Crazy dillutive financing:
Trying to push through a $80M offering early this year for the Mengapur project funding - almost doubling the share count and it appears would effectively turn control over to Tulum (Mr. Marland).
3. Questionable payments:
"Settling" with Tulum (Mr. Marland) for cancelling a private placement and basically handing over $12M with little explanation given to MMY shareholders.
4. Poor corporate governance:
Loan to Veris Gold ($6.6M now) has not been paid off and MMY has extended it 3 times. MMY shareholders are being forced to fund Mr. Marland's money losing gold company. Repayment should be demanded. Veris is in serious financial trouble losing $18.2M in Q3 alone ($1,148/oz cash cost) but it won't happen because of the relationships that are not serving the MMY shareholder:
Marland - CEO of VG and Tulum
Dickson - COO of VG and director of VG and MMY
Baldock - former CEO of VG, director of VG and MMY, CEO of MMY
de Trentinian - director of VG and MMY