Minera IRL CEO Diego Benavides earns half a million United States Dollars per year, in cash, cheques cut without fail at the end of each month in timely manner, never late and no excuses required. In exchange, shareholders of Minera IRL (MIRL.cse) are treated with total contempt. For that kind of money, surely we can get somebody in who isn’t laughing behind shareholders’ backs while cashing large personal cheques that, for all the time he has been CEO, have not seen a single penny spent on shares of Minera IRL. Here’s a link to a NR:
LIMA, PERU – (October 29, 2020) – Minera IRL Limited (“Minera IRL” or the “Company”) (BVL: MIRL) (CSE: MIRL) announces that the Board of Directors of Corporación Financiera de Desarrollo (“COFIDE”) has deferred approval of the proposed settlement agreement with the Company. At COFIDE’s request, the parties have agreed to extend the MOU until November 7, 2020. The Company expects that the COFIDE Board will revisit approval of the settlement agreement within that period.
The basic terms of the proposed agreement with COFIDE provide for three years to repay the Bridge Loan and the future accrued interest, the amount of principal to be repaid after crediting the amounts due to the Company pursuant to the Arbitration Award, an agreement on the amount of past interest due and, finally, the voluntary dismissal of COFIDE’s application for annulment of the Arbitration Award.
If the “terms” are so “basic”, why is it so difficult for both sides to agree on them? What does “revisit approval” mean? It doesn’t sound very close to mere rubber-stamping of a heads-up agreement. And let us recall that the MIRL-COFIDE deal proposal is hardly the only one available to shareholders. Alternatively, if COFIDE forecloses then the third parties waiting to fund this will be able to make themselves heard immediately, they could easily come with a new, cheaper and better CEO.
Quite seriously, at what point do we constantly insulted shareholders say “enough”? After this extension, or the next? Why is MIRL trying to push through the AGM agenda without the most important point resolved? Interested in all MIRL shareholder opinions, comments section or you know my mail address.
This year will be his last making 500k if he fails.. along with his reputation in tact. Will be hard to go to a dinner and look people in the eyes with that elephant in the room. The ball is in his court. The rest of us will move on, like we did with many other bad investments while he will have to wake up every day with a label, as will his wife, and his kids…. and the generations coming down the road.
At this point, I think Diego understands all our impatience and made it known to Cofide that he has to get things finalized soon. Let’s give them another 9 days or so.
If the share price is not greater than $0.33 on the last day I get to vote before, then well I know how I’m voting. Of course he could probably get the price there with his last paycheck given the liquidity. There’s only 351,000 shares in the way from here to there right now, assuming there’s no iceberg sitting there. Seriously. Less then $100,000 CAD market order would probably spike the price right there.
So, there’s a deal but a board member(s) either isn’t happy with it or hasn’t had a chance to go through it. I don’t like the further delay, especially since the deal as described is so simple that it could have been done a long time ago.
Agree with Otto – there needs to be a whole lot more transparency on financing options before the AGM. Secrecy is just a way for the Board and Benevides to consolidate control, avoid accountability and uncomfortable questions.
Otto’s comments are valid now as before. We shareholders have waited a long time to make our investment profitable, but the reality is that independent shareholders are a minority. It is up to each one to wait or sell at this price, which would be a madness. .in my case I hope that on the 7th we will start to see a light at the end of the tunnel … cross your fingers
This seems to be an issue cross cutting the junior industry. For what is being delivered and for what is the general background and performance of the c-levels, the salaries are often extremely high. Not always of course and only judged from an outside view, but that is my impression.
Looks like he bought 350,000 shares in the market recently. Communicating better. He’s trying. Paid too much though.
That’s really interesting. He made the purchase on Oct 26 and reported it Oct 27. Presumably he himself was expecting a positive response from COFIDE that was delayed. So maybe he waited until today expecting everything to hash out and got the bad news like the rest of us that they hadn’t made a decision yet.
1 week wont make the difference. I guess the slowdown comes from COFIDE?
Btw: what would a reasonable deal look like? Loan+interest-arbitration-win: 40, 65, 90 US Mios over the course of 3 years? The numbers will decide share-price in the end.
For me it’s irrelevant. I think a resolution to the COFIDE matter would be most important. Then we will all be watching to see if they are getting the project financed and up and running in a timely fashion. The resolution would force my hand to hold the stock and wait to see what comes. I don’t know how others view it but he could easily be a hero and make us all a lot of money, and himself. Or not. It’s on him.
Good point! But maybe it depends on the deal whether money will rain on shareholders or COFIDE. As for years now time will tell.
Depends on if they count the interest payments for the years they went to court or not, future interest will compound on that amount. My guess is that’s what the negotiations would have been about. The only numbers we have for sure are the initial loan amount and the arbitration amount. I’d venture and take a guess but just on the off chance anyone that matters from either party reads this blog it’s better I keep my mouth shut.
i thought cofide was gung hi to finance the development
Write the boss man and see what he has to say. I did yesterday and within a short time he responded with a very encouraging message. I cannot speak for the past but currently the communication door seems wide open. Focusing on his salary is a discussion for a different day. Stay focused on the price at the end which looks like it is very close.