AGM and Special Meetings, Voting Rights, etc...Just wanted to make sure that we have the correct information on the table (feel free to correct, if you have a more up-to-date information).
1. AGM Meeting: The AGM meeting is set for 28 June 2017, as per link below (as of 11 May 2017). Note that 11 May 2017 is before the announcement on ELD plan to take over ICG, which will be the subject of a Special Shareholder Meeting.
https://integragold.com/site/assets/files/1229/2016-information-circular.pdf
2. Special Meeting (to consider ELD offer): This is different than the AGM, even if management decides to have it on the same day. As announced, ICG will set up the following.
- Mailing of circular wrt to the offer (with all details including voting rights, etc.): 8 June 2017.
- Integra shareholder vote: July 2017 (no definite date).
So far, investors still can buy and sell ICG shares with the voting rights attached to them until the company spells out the deadlines which must be complied with the regulator's rules & regulations (25 days before voting date?...could someone provide a link for this).
There was a flood of trading just a few days after ELD announced the offer (some 164M shares,~1/3 of OS of486Ms, during the period 15-19 May 2017 were traded. Daily volume is tapering off, but still over 10Ms (13Ms on 19 May).
It's speculated that these new shareholders are accumulating these share to form some sizable blocks, just below 10% so that they, e.g. AEM, G, or Osisko, can play a contender role (or play kingmakers) in the bidding process (ELD has around 12.8%, but the info circular in link above says 62.170Ms or 14.39%, so this should be checked out).
Note that ELD would be considered as an insider (along with ICG BoD and management), so it can not vote in a simple majority (50% plus 1 vote of the minority shareholder voting. However, it can participate (along with BoD and management...insiders, and they have pledged their support for ELD offer). However, the new shareholders seem to have just a tad over 1/3 of OS (so even getting 2/3 is is bit iffy with ELD current offer, since these new shareholders (and some "old" institutional holders) would be only loyal to their potential profits, since even an extra 10-20% gain over a couple of months would be an excellent RoI (say, bought at 1.14/s and sold at 1.40/s would net them 20%). It would certainly beat 1% over 2 months (=6% per year).
All this would assume that there are no competing offers. If there are new offers emerging then the above plan will need to be revised...(but, ELD will have 3 days to come with another offer to beat it).
8 June is just 3 weeks away. But, it should not be considered as a deadline for a competing offer, since the date for shareholder's voting has not been fixed.
Just vote NO to the current low-ball ELD offer. A single vote would help tipping the 50% balance. Also, note that voter turnout is much less than 100% (sometimes only 50% would bother to vote) so your shares would carry a lot more weight compared to its face value of 1.
GH