RE:RE:RE:RE:RE:Let's hope they care as much for usMacloud1 Dominion Diamonds share price was 3-5 dollars and was sold for 14 dollar not too long time ago. It all has to do with performance. https://blog.ceo.ca/2016/01/26/mission-accomplished-on-dominion-diamond-shareholder-revolt-patrick-evans/ CEO Patrick Evans opened his breakfast talk at Roundup Monday morning with a macro look at global diamond supply and demand, through the lens of Canadian production. Evans painted a somewhat dire picture, saying that Canadas No. 3 position as a diamond producer is threatened because of paltry dollars being spent on exploration. Thats despite looming production from new Canadian mines Gahcho Kue, Mountain Provinces 49% joint venture with De Beers, and Stornoway (SWY-T)s Renard in Quebec. Both are projected to produce diamonds this year. But the industry veteran saved his most pointed words for his conclusion, criticizing diamond companies in Canada Dominion Diamond (DDC-T) in all but name for not treating shareholders with respect. patrickevans Patrick Evans at Roundup: You must repay the shareholders Dominion, the only Canadian-based producer, owns about 89% of Ekati and 40% of Diavik (the only other companies involved in Canadian diamond production are De Beers and Rio Tinto). You must repay the shareholders. If you dont repay the shareholders, theyre not going to come back and support you doing exploration, Evans said. Sadly, the history of successful diamond companies in Canada repaying the shareholders is very poor. For investors who closely followed the recent shareholder revolt at Dominion Diamond, the remarks shouldnt come as a surprise. Evans, also the president and CEO of Mountain Province spinoff Kennady Diamonds (KDI-V), had joined forces with a dissident group led by activist hedge fund K2 & Associates. On Dec. 22, the dissidents called for a major corporate overhaul and blamed Dominions plummeting share price on misguided policies and missed opportunities in addition to diamond price weakness. The group got its way, and quickly. On Jan. 13, Dominion announced that K2 portfolio manager Josef Vejvoda would join the board and that longtime chairman and company cofounder Bob Gannicott would be replaced by former De Beers Canada CEO Jim Gowans before April 30. In a short interview after his talk, I asked Evans about his decision to join the dissidents. He said the K2 group invited him to join because hes a Dominion shareholder. The Canadian industry is so small that if investors lose confidence in the largest player, theyll lose confidence in the whole sector, he said. I think every shareholder should be an activist shareholder, I dont think activist shareholders should be maligned, he said. If circumstances of the company develop to the point where an activist group has to stand up, it tells you how bad the situation is. From our perspective, its mission accomplished, and the group has been disbanded. One of the bones of contention was a US$9.8-million payment to Gannicott that was disclosed in a single sentence buried deep within Dominions second-quarter financials: A $9.8 million one-time charge or ($.08) per share after-tax incurred in connection with the departure of Mr. Gannicott as CEO in the second quarter. Evans described the payment as a peripheral issue given the scale of Dominions operations, but noted that many shareholders raised the inadequate disclosure. And questions remain. We still dont have an explanation as to what that payment was in respect of. Its quite unusual for somebody who leaves of their own accord to be paid that quantity of money. Evans is also a director of Stu Blussons Archon Minerals (ACS-V), which owns the rest of Ekati. Blusson, credited with the Ekati discovery along with Chuck Fipke, was in the audience for the talk. Canada is now the worlds No. 3 diamond producing nation after bursting onto the world diamond scene in the 1990s with Dia Mets discovery of Ekati and subsequently, mines at Diavik and Snap Lake. First production at Gahcho Kue is projected for the first quarter, and shareholders should expect a dividend especially given Evans comments. Once full commercial production is achieved, Mountain Province will also mount an exploration program, he said. Evans, who grew up in South Africa, credited JDS Mining with re-scoping Gahcho Kue and coming up with a fit-for-purpose model that boosted the mines economics