RE:RE:RE:Columbus Gold looking out for our interest and theresOilM,
You said: "What's the difference between ICG's move om ER and Comumbus? Sorry for not keeping up. to me, they sound more or less the same. But Columbus seems to be the bad guy here."
For sure, under the eyes of the current CEO, Dr. Robinson, Columbus is really really a bad guy,...how dare Columbus had the gall to question the founder of the company who has been an absolute ruler for 21 years. He and his wife, Exploration Manager, have earned, at least during the last 3 years a combined salary of close to $0.5M/yr, a good salary I would say...Anyway, there are a lot of details in Columbus proxy documentation. The key points are entrenched management, non-communicative style that make major shareholders unhappy.
Differences:
- Columbus recently bought 2% to have a toehold and the right to speak as shareholder, but 2% does not have enough clout compared to ICG proposed 10% and up to a max of 15%.
- ICG apparently has support other majority shareholders (institutions 41%) and the support of the current BoD as well. In addition, Robinson agreed with ICG proposal. He has his signature on one of the letter to shareholder where he was balsting away at Columbus (bad, bad boy), but in another letter, signed by the Chairman of the BoD, the Chair thanked Columbus for dropping the proxy fight.
- Robinson agreed to step down at the AGM (presumably chaired by the Chairman) and the Interim CEO will be appointed at the end of the AGM (they already have a name). No messy proxy fight as in the case of Columbus initial salvo.
After all this Columbus should be considered as the good guy who's got the nerve to stir up the dormant nest.
Take a look at ER Corp Presentation to see some nice looking properties. The falgship is Eau Claire which could be brought up to the next level...toward production in short order.
- BTW, apparently G has 7.5% of ER but seems to remain rather quiet. Guess who G will be supporting at the AGM this coming Friday? Two of the proposed members for the new BoD are de Jong and Salamis...surprise!
GH