By Tom Winnifrith, The Sheriff of AIM | Monday 7 August 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I revealed on Sunday how Professor Richard Conroy had abused shareholder democracy at a sham of a GM for Conroy Gold & Natural Resources (CGNR). In preventing three rebels from joining the board when that is what shareholders clearly wanted he has shown himself no longer fit to run a PLC. I can only compare his pastoral care of shareholder rights at Conroy to that handed out by the Christian Brothers to their wards at so many boys homes across Ireland in darker days of old. The Professor shames Ireland and shames AIM with his antics. Conroy has today failed to fess up to exactly what went on and also what has happened since. Okay, he asked for this, the Sheriff of AIM needs to go to Dublin.
Conroy says that the GM passed resolutions 1-6 booting off useless Prof C crony directors but that resolutions 7-9 " pertaining to the proposed appointments of Paul Johnson, Gervaise Heddle and Patrick O’Sullivan, were, upon advice from the Company’s Irish legal counsel, declared of no effect by reason of non-compliance with the provisions of the Company's constitution."
Hence we are told that the board of the Company is now composed of Professor Richard Conroy (Executive Chairman), Maureen Jones (Managing Director) and Professor Garth Earls (Non-Executive Director).
Conroy has fessed up that the rebels are not going quietly
The legal adviser to Mr Patrick O’Sullivan, the shareholder who requisitioned the holding of the meeting, has informed the Company that Mr O’Sullivan proposes to dispute the issue of non-compliance with the Company’s constitution as regards the persons named in resolutions 7 to 9 and has further informed the Company that Mr O’Sullivan will be requisitioning a further general meeting at which resolutions would be proposed to remove the remaining directors.
But it is still being less than honest with its shareholders.
On Sunday I revealed the full horrors of what happened on Friday HERE and the bald facts are that somehow Prof Conroy got 800,000 proxy votes filed via Goodbody brokers disallowed as they were cast for the rebs. Even so the rebs won all votes 3.5 million to 3.1 million. In other words, outside of the old board virtually no-one supported team Prof Conroy.
Prof. Conroy insists that the rebs did not submit their proposals to be elected in strict accordance with rule 85 of the Articles of Association. The rebs dispute this noting that they worked fully with Nomad Allenby in the lead up to the GM and Allenby cleared them to stand.
I can now reveal that the rebels communicated with Prof Conroy yesterday giving him until 5.30 PM today to agree to co-opt all three of them to the board since that is clearly the express wish of investors. As things stand, Professor Moriaty, oops I meant Conroy, has not agreed to that. Should the Prof not agree the next GM will be asked to vote not only on electing the three rebel shareholders but also on voting off Professor Moriaty and his sidekick Maureen Jones.
It is inconceivable that the Professor could win that vote as you can bet that Goodbody will not screw up its proxy next time. That makes the maths 4.3 million to 3.1 million and after Friday what little support PC had will have gone.
I should warn the Professor that i am so horrified by the events on Friday that I am today securing someone to agree to make me their proxy at the next GM. Should Professor Moriaty not do these decent thing, the Sheriff of AIM will be flying to Dublin to attend a future GM and to make life hell for directors whose time is up. I am deadly serious in my intent and causing trouble at GM's is my specialist subject. The Professor has been warned...
Never miss a story.
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments are turned off for this article.
Search ShareProphets |
Stock market news |
Recent Comments |