The 12 month price chart of Troilus Gold (TLG.to)
Further to the IKN post on Belo Sun (BSX.to) yesterday that outlines the way in which the band of Forbes&Manhattan cronies are sewing the company up for their own benefit, your humble scribe received most interesting mails from a number of people and I thank you all for those. One of those has kindly allowed me to share this segment of his mail (some very slight editing to protect both guilty and innocent, the message 100% unchanged). Yet another example of how the Stan Bharti clan makes sure it gets rich at the expense of the people foolish enough to trust them with their shareholders dollars. We invite you to read on and consider the words of a very experienced mining executive:
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Many us in the mining industry
are very aware of the egregious cross relationships with Forbes &
Manhattan but oddly enough, it seems to
escape the notice of the proxy advisors and regulators. The
key one regarding BSX is Troilus Gold (TLG.to), another
Forbes & Manhattan company. BSX bought and sold shares in the
company in
the March quarter of 2019 as disclosed in the MDA. There is no apparent
justifiable reason (from a shareholder perspective, but who cares about them?) why a
company
trying to permit a project in Brazil would trade in the shares of
company with
a gold/copper project in Quebec, but back office data show there are multiple relationship reasons
for this seemingly
odd use of funds:
- Peter Tagliamonte (BSX President & CEO) is an executive
director of Troilus (he received total compensation of $510,541 in 2018 from Troilus and would
receive $920,000 in a change of control).- Ian Pritchard (BSX COO) is VP Technical Services of Troilus.
- Denis Arsenault an “independent director” of BSX (but
stepping down at the BSX 2019 AGM) is the CFO of Troilus.- Bruce Humphrey an “independent director” of BSX is also a director
of Troilus.We place the words “independent director” firmly between inverted commas for good reasons; Of the four “independent” directors currently
on the BSX board, which include Denis Arsenault, Carol Fries, Bill
Clarke and Bruce
Humphrey only Carol Fries does not sit on a Forbes & Manhattan
company
board. But she is
Chair of the Corporate Governance Committee and the oversight in this
area
seems very light. Unfortunately, the new
proposed nominee to the BSX board Sergio Marchi also sits on another
Forbes
& Manhattan company board so the pattern of crony directors and
management continues.