RE:Control of AZXFolks,
Just had some initial response this morning and I am pleased to report that we already have a score of 14.7M shares in this block of votes, let's call it
AZX United (sounds like a soccer team somewhere, lol).
This represents 3%OS and 2.5%FD (it already larger than IMG and Teck holdings,... and larger than EO and MV combined...believe they have about ~1%FD, i.e., they have a max of 5M shares from fading memory).
In my original post it was suggested that we start with 1M shares, but it does not take too many people to form a block of 1M shares, hence I would suggest that we start with 100k (or 0.1M shares) to get more participation (i.e., if you have friends with like minds and would like to delegate to you their wishes to add their holdings in AZX United, then include their holdings as well, but make sure we don't double count). Send me a PM, I will add them up and post the results on a weekly (?) basis.
GH
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goldhunter11 wrote: Now that we have the Special Meeting date (24 July 2018) and the Cut-off date (28 May 2018) for having the shares, it's expected that there is a rush to compete for the shares which are available in the market from now until the cut-off date (make sure that 3 business days required for the switch over is included to avoid disappointment). Competition for the shares would be good for the SP.
Another way to gain the votes is by exercising the opts and wts.
According to the 219 December 2017 filing on SEDAR, page 15, there areabout 20M opts and 116M wts outstanding. Looking at the big picture, the number of options could be ignored for now, since the number is small compared to the wts. Also, options are usually given to top management and if they are terminated before the options are exercised then the options are nolonger valid (Note: most of the options are vested).
There are some large blocks of wts still outstanding. One large block 33.3M belongs to ES (good until April 2020). The rest I have not checked out for the expiry dates (but assuming that they have at least 2 yrs from the issuing date). Another check is to look at the OS of 478Ms and the FD of 580Ms. The difference is 102Ms (which is in the same order of magnitude to the numbers listed on SEDAR.
In general term, assuming that everyone want to have the control of AZX, then
- ES would have, after the wt exercise, 11.5%FD (he may ask for the seat in the BoD, so don't be surprise if the list of directors at the Special Meeting would have ES on it)
- AEM: reduced from 8% to 6.6%FD
- IMG: 1.6%FD
-Teck: 1.6%FD
- EO and friends: 5% x 478/580 = 4.1%
- Anyone having 5Ms would control 5/580 = 0.86% (say ~1%). So, it would take about 5 high net worth shareholders to swamp the 4.1% from the Founder Group.
Just a thought, may be we should have a show of hands to see how many high networth shareholders on this board (start with 1M shares). If you don't want your name to appear on the board, you could send me a private message. I would volunteer to be the scorekeeper and would report the total score on a regular basis, but will not reveal your avatars. I have done this before with another company many years back and had a total of more than 10% of the company. A block of 5-10% would represent a powerful voice.
Cheers,
GH