RE:Stan Bharti resignationNo problem Ickea53, I accept your attitude. For the history here is the original text, which was sent to OSC spring 2019:
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From xxx
March 31, 2019
To:
Ontario Securities Commission
inquiries@osc.gov.on.ca
Complaint about share sales Euro Sun Mining by Sulliden Mining Capital. Dear Sir/Madame,
I'm writing to you on behalf of the transatlantic investor group Euro Sun Mining. The group is an informal grouping of private small shareholders of Euro Sun Mining. Details about the group you find in the attached factsheet.
1. Affected person and affected companies - The subject is Stan Bharti, Chairman of Forbes & Manhattan, Chairman of Euro Sun Mining
and interim CEO of Sulliden Mining Capital.
- For companies, Euro Sun Mining ESM and Sulliden Mining Capital SMC.
2. Request I ask you to review the stock transactions (sales) shares of Euro Sun Mining by Sulliden Mining Capital in the period from October 31, 2017 to April 30, 2018 as follows::
2.1. Are these insider transactions?
2.2. If 2.1. yes, are they legal insider transactions?
2.3. If 2.2. yes, would these insider transactions be reportable on SEDI?
3. Facts / justification - From October 31, 2017 to April 30, 2018, SCM sold net 1‘744‘600 shares in ESM (according to MD&A, SEDAR)
- On May 7, 2018, the takeover offer was published from Lunding Mining together with ESM for Nevsun Resources.
- After May 7, 2018, the price of the ESM share steadily declined from CAD 1.25 to CAD 1.50 before the announcement of the takeover up to CAD 0.50 until the end of 2018.
- Stan Bharti is by definition both insiders: Chairman of ESM and interim CEO of SMC.
- Stan Bharti as Chairman of ESM is responsible for negotiations at Mergers & Acquisitions (M&A), specifically he was aware of a possible takeover bid by Lundin together with ESM for Nevsun Resources.
- Stan Bharti as interim CEO at SMC is responsible for sales of assets from the Portfolio of SMC.
I would like inform you, that we have asked for clarifications from Euro Sun Mining management regarding stock transactions. We are not satisfied with the response received .
I ask you to review our request and initiate measures that are necessary to protect our investments and encourage good corproate governance.
on behalf of 50 members of Transantlantic Investor Group. I thank you very much in advance and seek your help and support.
I am looking forward for your response.
Sincerely yours