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.