That shareholders should support Diego Benevides in voting Minera IRL (MIRL LN) SUSPENDED – Statement from the Board of Minera IRL Limited
- Minera IRL Limited has issued a further press release this morning relating to a ‘cease trade’ order in Canada.
- The ‘cease trade’ order has been made as the board of Mineral IRL Limited did not file its interim accounts by 16 October.
- The company also states “Minera IRL expects that the Order will be lifted after the Company files the Financial Materials.”
- The statement also refers to the temporary compromise of the company’s Peruvian subsidiary.
- It is our view that given the EGM vote to replace the current board that is probably better from a shareholder perspective for the shares to be suspended in both markets.
- Shareholders need to decide which party should run this company going forward.
- Should it be Diego Benevides, joint founder and director of the Peruvian subsidiaries or the existing board which seem unable to work with Mr Benevides?
- We have been made aware of statements from persons supporting Mr Benevides. We will not reveal where these statements have come from but we will say that they provide damming accounts of the behaviour and actions of the board of Minera IRL Limited.
- We believe that the board of Minera IRL are disingenuous in their statements.
- In our opinion the board of Mineral IRL Limited are not acting in the best interest of shareholders.
- That shareholders should support Diego Benevides in voting for the election of a new board.
- Investors in the UK stock should send their votes to “Computershare Investor Services (Jersey) Limited, c/o Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY, United Kingdom, by not later than 3:00 pm on 24 November 2015.
* SP Angel analysts are expressing their own views and opinions in this analysis. SP Angel has no corporate connection with Minera IRL or its subsidiaries. SP Angel holds no shares in Minera IRL and does not have any current financial arrangements with the company.