It appears a dissident proxy is on the horizon, given mgmt. has roughly zero voting shares, collectively directors hold 12,200 shares, at the current price this is equivalent to $488 (shareholder alignment at its finest), mgmt. and insiders have very few options left to stop the inevitable.
Anyone wondering why (and how) the AGM was pushed back?
Stated in the
BC Business Corporations Act Section 182(1)(b), a general meeting must be held within 15 months of the previous years meeting. Mgmt. needed to come up with a sufficient reason to tell the Registrar so they would find reason compelling enough to delay due process for all SPK shareholders.
Pulled from the BC Registrar of Companies titled
, “Sunset Pacific Petroleum Ltd. (the "Company") Incorporation Number BC0234656 
Request for Extension of next AGM Date to October 31, 2018” and dated September 4, 2018, submitted and signed by Kathleen MacInnes, legal counsel for Sunset Pacific Petroleum, the reason filed was:
...“The reason for the delay is because the bookkeeper’s spouse had a serious, life-threatening, stroke in August and consequently the Company has been unable to obtain the financial information from the bookkeeper that is required for the Information Circular disclosure, The Company believes it will be able to obtain the requisite information within the next two weeks, which will provide sufficient time to hold the meeting by the end of October, 2018.” …a serious case of 'my dog ate my homework.'
The Registrar not only granted postponement of the meeting but gave them an extension to Novemeber 27, 2018. Here’s the kicker, notice that on August 29, 2018 the financial statements released on SEDAR was the financial information the Company was ‘unable’ to obtain, the sufficient financial information was already in the public domain yet was the reason used to delay.
Kathleen MacInnes, you were either intentionally misled by your client (Sunset Pacific Petroleum Ltd.) or you intentionally misled the BC Registrar of Companies on behalf of your client. Either way you nor the employee working for the Registrar of Companies bothered to check whether or not you were being duped, in doing so you have made yourself look like fools and delayed shareholders the right to vote their proxy.
The Law Society of BC will like this one. Fortunately, for the mgmt. and insiders who are pulling the strings, you will be able to delay the inevitable by postponing the meeting once again. In doing so the directors of the company will be in direct contravention of the
BC Business Corporations Act, Section 171 (2)(a).
Mgmt. will be forced to reset the record date for shareholders as the presumed new meeting date will be outside of the two month period, giving new shareholders or those wanting to accumulate more the ability to do so.
This actually will give insiders the ability to turn to the market and accumulate as many voting shares as possible to fend off the dissident front they see coming.
They will not be able to acquire and out vote my personal 5 million shares but if somehow they have an ability to purchase 5 million plus one prior to the new record date, they still have a fighting chance… That’s if no other person votes their stock, or I do not buy more.
As an aside, to insiders, encouragement will be to cut your 40mil share .06 - .07 short positions beforehand.
There is one thing that will stop you from going in to the market and buying up shares to vote and save this Company from slipping away, your arrogance and ego will simply not let you!
Actually one other thing... you don't have deep enough pockets.
Au revoir.