The latest tranche of silliness from Jaime NOT HODGES! Pinto is a mail he’s sending out to shareholders of Minera (IRL.to) (MIRL.L), which you see below. Aside from the tiny small point that a company head sending out this type of unofficial document via unofficial channels breaks several Stock Market rules and once again points to the company NOMAD, Canaccord Genuity, as failing to do its job properly (oh Henry, it’s looking worse and worse for you), it’s also full of complete BS. So once again, it’s up to your humble scribe to set the record straight.
Therefore, below you get his words in black, IKN’s parsing in red.
Dear Shareholder,
We take this opportunity to briefly give you the view of the Board of Minera IRL Limited regarding the dispute with the ‘de facto’ administrator of its subsidiary Mr. Diego Benavides.
The
primary objective of the Board is to regain control over its 99.99%
owned subsidiary, Minera IRL S.A., in order to introduce good corporate
governance policies and to investigate allegations of serious
mismanagement by the administration of Mr. Benavides. The Board of
Minera IRL Limited has also initiated criminal charges against Mr.
Benavides in connection with a US$ 70 million credit arrangement, in
which US$ 2.1 million was paid to an obscure and inexperienced financial
advisory group to act as ‘facilitator’ in the credit facility disbursed
by Cofide S.A., a state-owned development mezzanine bank. These serious
criminal charges are currently under investigation by a Special
Prosecutor’s office.
primary objective of the Board is to regain control over its 99.99%
owned subsidiary, Minera IRL S.A., in order to introduce good corporate
governance policies and to investigate allegations of serious
mismanagement by the administration of Mr. Benavides. The Board of
Minera IRL Limited has also initiated criminal charges against Mr.
Benavides in connection with a US$ 70 million credit arrangement, in
which US$ 2.1 million was paid to an obscure and inexperienced financial
advisory group to act as ‘facilitator’ in the credit facility disbursed
by Cofide S.A., a state-owned development mezzanine bank. These serious
criminal charges are currently under investigation by a Special
Prosecutor’s office.
In
contrast, Mr. Benavides’ objective appears to be to prevent these
investigations being carried out by independent forensic auditors.
contrast, Mr. Benavides’ objective appears to be to prevent these
investigations being carried out by independent forensic auditors.
The
Board of Minera IRL Limited has no intention of selling the Company to a
‘vulture’ fund as Mr. Benavides alleges; on the contrary, we have
every intention of working together with Cofide S.A. and especially with
the community of Ollachea, to complete this project to international
standards as soon as practically possible. The voluntary delisting of
the Company from the Toronto Stock Exchange and the suspension of
trading by the London and Lima stock exchanges are direct consequences
of the actions of Mr. Benavides, specifically his failure to provide
information required to complete and lodge mandatory financial filings
on time. It is the intention of the Board of Minera IRL Limited to
complete the required financial statements, re-list and resume trading
as soon as we are able to regain control of the subsidiary from Mr.
Benavides.
Board of Minera IRL Limited has no intention of selling the Company to a
‘vulture’ fund as Mr. Benavides alleges; on the contrary, we have
every intention of working together with Cofide S.A. and especially with
the community of Ollachea, to complete this project to international
standards as soon as practically possible. The voluntary delisting of
the Company from the Toronto Stock Exchange and the suspension of
trading by the London and Lima stock exchanges are direct consequences
of the actions of Mr. Benavides, specifically his failure to provide
information required to complete and lodge mandatory financial filings
on time. It is the intention of the Board of Minera IRL Limited to
complete the required financial statements, re-list and resume trading
as soon as we are able to regain control of the subsidiary from Mr.
Benavides.
All Press Releases issued by our Board are available at our newly created www.irlmining.com website.
It is important to point out that all announcements issued by the Board
of Minera IRL Limited comply with AIM rules and are approved by our
Nominated Advisor, Canaccord Genuity, and public relations advisor,
Buchanan Communications. Please also review an Editorial by the
prestigious Northern Miner via this link: http://bit.ly/21v5P8j.
It is important to point out that all announcements issued by the Board
of Minera IRL Limited comply with AIM rules and are approved by our
Nominated Advisor, Canaccord Genuity, and public relations advisor,
Buchanan Communications. Please also review an Editorial by the
prestigious Northern Miner via this link: http://bit.ly/21v5P8j.
Although the EGM, which was convened on November 26, 2015, has been adjourned until no later than
December 17, 2015, it is important to note that any vote already cast
may be changed at any moment. We are working with our Canadian and UK
counsel to see when it would be convenient to reconvene the EGM, as soon
as possible.
December 17, 2015, it is important to note that any vote already cast
may be changed at any moment. We are working with our Canadian and UK
counsel to see when it would be convenient to reconvene the EGM, as soon
as possible.
With
regard to the subsidiary’s EGM, Minera IRL S.A., to replace Mr.
Benavides and appoint a new Board, Mr. Benavides had indicated he would
hold the meeting on December 03, 2015. However, on December 02, 2015 he
has informed Minera IRL Ltd. (99.99% owner of the subsidiary) that he
is cancelling the EGM since he had not published the calling of the
meeting in the Peruvian Official Gazzette as is mandated by Peruvian
Law, and had not indicated the time or place of the meeting. It is
important to highlight that the second shareholder, with 1 share, is Mr.
Felipe Benavides, Mr. Diego Benavides’ son.
regard to the subsidiary’s EGM, Minera IRL S.A., to replace Mr.
Benavides and appoint a new Board, Mr. Benavides had indicated he would
hold the meeting on December 03, 2015. However, on December 02, 2015 he
has informed Minera IRL Ltd. (99.99% owner of the subsidiary) that he
is cancelling the EGM since he had not published the calling of the
meeting in the Peruvian Official Gazzette as is mandated by Peruvian
Law, and had not indicated the time or place of the meeting. It is
important to highlight that the second shareholder, with 1 share, is Mr.
Felipe Benavides, Mr. Diego Benavides’ son.
If
you have any requests or questions regarding Minera IRL please contact
Canaccord, Buchanan or me via the email address set up for this
purpose: minera-irl@buchanan.uk.com.
you have any requests or questions regarding Minera IRL please contact
Canaccord, Buchanan or me via the email address set up for this
purpose: minera-irl@buchanan.uk.com.
With kind regards,
Jaime Pinto,
Chairman of the Board of Minera IRL Limited
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