Elgin Mining Inc ELGMF

Voted against it

[the_ocotillo]

It probably will have no effect, but I voted against the "Restricted Share Unit Plan" nonsense. No doubt it will pass, but isn't management more than fairly compensated for the size of the company? G&A costs have really ballooned when compared to standalone Gold Ore. The amount they are cutting in their "cost reduction" measures isn't too far from where costs were prior to the merger disaster. (Patrick Downey alone made $684,000 in CASH compensation last year for not even mining any gold?)

They can come up with phantom shares, restricted share units, stock options, all to "attract, retain, and inspire performance of members of the executive management of a quality and nature that will enhance the sustainable prosperity and growth of the Company", how about a frickin stock buyback plan to buy back shares at dirt cheap prices? I really want to buy shares here, but I really hate the greedy manner in which management seems to operate.

[pecorina]

apart from the $ 684,000 compensation, it appears there is another oddity in that there are two characters on the board for up to five yeas with NO single share to their name. And this when the stock may be bought at $0.30 -- perhaps outside shareholders  should consider a  charity for those needy board members Chiao Tina