Alexandria Minerals Corp ALXDF

AZX Dissident Group led by Owens wanted new BoD

[goldhunter11]

Just read the NR on the above topic (link below), and here are some comments and reactions:

https://www.stockhouse.com/news/press-releases/2018/02/09/concerned-shareholders-of-alexandria-minerals-announce-intention-to-requisition

1. Pre-emptive strike by Owens: My guess is that the Special Committee (Henry, O'Connor and Patil) had come back with the recommendations which Gundy liked. So, Owens went looking for 3 new people for the BoD to replace them (but I don't understand why Priya Patil was spared, her name is on the new/proposed BoD). However, their combined control is just over 5% of the OS, which is not a significant block when it comes to voting.

2. Current standing, Slide 13 Nov Corp Presentation: Management/Insider 6%, AEM 8%, ES: 7%, Teck:2%, IamG:2%.

Gundy must have the blessing of AEM (and ES) to be the Chair of the current BoD. He also has a large number of shares and options (don't recall how large). But the key block is Sprott and ES. Sprott already had 8.5% (plus a large number, 20M wts at 0.08, 20 DEc 2016 NR), ES has 33.3Ms (or 7%) plus 33.3Mwt @0.09 (for roughly another 6.7% taking into account dilution).

So the main block is Sprott + ES personal account, plus a few friends  = over 1/3 of OS. An influential friend would be AEM with 8%. Plus of course, disgrunted shareholders who want to replace the current management.

3. This pre-emtive strike may be just an exercise of futility, since ES is not in this game for a loss. Or,  it's simply Owens is fighting tooth and nail trying to preserve his sand box. Besides, he and Vorvis, and the CFO? already got the golden parachutes strapped on, as I recall.

May be, this is a bargaining chip for Owens to go quietly and  get a chunk of the company (the orphan bit of it) so that he would have something to play with. He seemed to play up his deal with Murgor whenever there is an opportunity, but imo this deal was ill-conceived, since the properties are scatterred all over the place.

It's my guess that there will be some reaction from the current BoD. If not, Owens will get a big surprise following the Special Meeting.
But as the saying goes: It ain't over til the fat lady sings.
GH

[goldopportunity]

Hey GH -- good points all. If I was the current BoD, I'd say absolutely nothing. Eric owens gave himself the kiss of death today. As you said, if there's no reaction from the current BoD, then "owens will get a big surprise following the special meeting". Jmvho. goldopp

[tigris72poo]

EO must have the majority of the BOD in his pocket. Otherwise, Monday morning his office would be locked with a pink slip taped on the door, no?

[goldhunter11]

tigris, So, you are talking about Monday next week, presumably. It may happen, since the current BoD members are: Owen, Gundy (Chair), Geis, Henry, O'Connor, Patil, and Owen wanted to get rid of 3 of them including the Chair: Gundy, Henry and O'Connor. My guess is that the 3 Muskerteers will stick to gether, so it's at least 3 against 3 assuming Patil is on Owen's side. But I am

[nelson11]

Here's the WHY "The Concerned Shareholders believe that the Alexandria board, as currently constituted, has failed to be responsive to shareholder expectations and has no coherent strategy for value creation". 

[biotechguy1]

WOW.  That's a lot of detail...I like it!   When i see dilution and bad management ( pi$$ pooor management ) I sell and lick my wounds. Sad thing is this :   It doesn't matter what the decision is...they gave away 70% of Sleepy to PRB minerals ( yeah Dave ) + 10-14 km of Cadillac break east. On Friday next week the same amount of shares will be outstanding. I

[easycoder]

This post has been removed in accordance with Community Policy

[biotechguy1]

https://www.azx.ca/wp-content/uploads/2016/12/Probe-Earn-In-map.pdf Huge chunk of un-drilled land on Cadillac Break with a partially proven 300,000 ounce resource of which PRB bought for 7 million...."Sleepy" 10 km...I think (could be more ?14 ?) on Cadillac Break. IF AEM or any major wants to stink bid AZX they need to negotiate with D Palmer on the 70 % interest in the transaction

[goldhunter11]

The JV with PRB does not seem to progress at a reasonable rate. It would seem that PRB is putting it in the backburner. PRB priority is on the Beliveau project and Detour. Not much was discussed about the JV with AZX. Listed below are a few of management shortcoming: - The Dissident Group led by Owens seems to point the finger at the current BoD, but Owens and two of the members of the proposed

[biotechguy1]

GH great post...at the end of the day....still 581,000,000 shares...and PRB will have a 70 % interest in a major land position.  So............. doesn't matter. Unfortunately, it just is what it is....Dave P has managed well, a deep well managed treasury with tight shareholders............ and AZX....not so much! Detour is very very next year....and Soquem i believe has agreed to match

[Marine2]

goldhunter  I have to agre with your statement, "Owens may be the founder of the company with strong attachment to his creation, but he simply does not have the skills and  "negotiation" leverage to bring the company to the next level, compared to majors like AEM and billionaires like ES." Owens is the reason I never invested much money in AZX. Shareholders would

[LRGreturns4me]

PUKE - DeJong is a joke.  Go buy you some ITR. He screwed you and all other ICG shareholders pimping out to ELD. You must have enjoyed it. I sold on the news so I did not end up with any of the ELD worthless paper thankfully, but I did not get FULL value for my investment thanks to the shenanigans of DeJong and Salamis. LRG

[goldhunter11]

LRG, Yup, the "twins" sold ICG down the river to ELD. They have traded in their golden parachutes, but will have to live with their reputation 4ever. GH ------------------------

[Marine2]

goldhunter "Yup, the "twins" sold ICG down the river to ELD." I agree but it's hard for me to be critical of of a CEO of a junior company with 480 million shares that made you over $100 K. AZX would be a much harded ride in order to make that kind of money,, if at all. M2 Hope they boot Eric Owens out