CEO/Directors rape and pillage Clifton Star, lose Duparquet
CEO and Board of Directors rape and pillage Clifton Star while announcing loss of Duparque project option
Clifton Star Resources CEO Michel Bouchard and the Board of Directors:
1. announced today they have failed to fulfill or renegotiate the Duparque option agreement by today's deadline, December 1, 2014, thereby losing control of 90% (essentially all) of the project. Obviously, present management -- the CEO Michel Bouchard and board of directors -- failed to maintain a good relationship with the property owners and this is the real and unspoken reason why they failed to renegotiate the option agreement;
2. have squandered most of the $15-20 million they were entrusted with three years ago;
3. have taken no responsibility (beyond market factors) for the loss of shareholder value in which the stock price went down about 97%. Obviously, the shareholders have no confidence in them;
4. have voted for themselves and other executives $841,953 in annual compensation including $371,422 for CEO Michel Bouchard;
5. have failed to do anything to reduce the company's other monthly expenses despite knowing that the company would eventually run out of money;
6. have voted for up to $875,000 in "golden parachutes" compensation for CEO Michel Bouchard and other executives depending upon the reason and method of termination ($600,000 of this is for the CEO). This alone could wipe out almost all remaining funds in the company bank account.
Clifton Star CEO Michel Bouchard, and the Board of Directors who enable him, have treated the company bank account like their private ATM. They are out of touch with reality and have forgotten this is a public company.
The annual and golden parachutes compensation figures given above are from "Clifton Star Resources Inc. Notice of Annual Meeting of Shareholders and Management Proxy Circular" which was posted November 17 on sedar.com. In it the company states:
"Ethical Business Conduct
The Corporation is committed to promote the highest standard of ethic and integrity in the pursuance of all of its activities. Furthermore, the directors, officers and employees of the Corporation are expected to act and to hold their office in the best interests of the Corporation."
Considering the loss of Duparquet, and the many other points listed above, do you really think the CEO and board of directors have held themselves to the highest standard of ethics and integrity, operating in the best interests of the corporation? If not, you should not vote for them on your proxy for the upcoming December 17 shareholder meeting.
Isn't it time for a new team to emerge and take over from the current team? Don't you agree that shareholders should get together and call for an extraordinary meeting to nominate a new slate? It is time to speak up.