RE:RE:RE:RE:RE:RE:RE:RE:Lamaque deep mixed messagesBlue,
Thanks for the link. Yes, it's in the 2nd bullet below (bold, mine), noting that ELD has decided to let its ownership drop to 13%. But, if it wanted one director sitting on ICG BoD then just add another 6% investment to reach the triggering level of 19%. But, with the exception of the advantage of being able to listen in the conversation around the table, this one director (versus the current 7 directors) may not be able to influence any major BoD decision, especially those involving potential TO conflict of interest (a recusal may be required during such discussion).
As far as competition is concerned, ELD can certainly start the bidding process, but being a 300-lb gorilla ELD would have no chance of winning against those at 500-700 lb level. But this should be good for shareholders, since taking the shares from a major (who would be more generous in dishing out the shares rather than cash) would give shareholders some flexibility in tax planning.
GH
-----excerpt from NR-------
- Eldorado will have the right to appoint one member to a newly created Technical Committee, which will be comprised of a total of three members, two of which will be from Integra management, and will have the purpose of reviewing and providing recommendations in an advisory capacity in respect of exploration activities on the Lamaque Project.
- Upon Eldorado increasing its ownership to 19.0% or more, it will have the right to appoint one director to Integra’s Board of Directors.
- Eldorado will have the right to participate in future equity offerings by the Company. In any offering, Eldorado will be entitled to subscribe for securities equal to the number required to maintain the greater of 15% of Integra’s share capital and Eldorado’s pro rata ownership interest prior to the offering. In the event Eldorado declines to participate in an equity offering or disposes of any Common Shares, its participation right will be limited to maintaining its pro rata interest prior to the date of the offering.