McEwen has issued this news release about the situation.
Lawyers and others who are interested in this case can review the court ruling here. I'm sure that Rob McEwen or his lawyers will have follow-up remarks because OBCA s.128 arguments were not addressed.
McEwen’s arguments are listed here. You can read how s.128 was the crux of the matter.
Rob McEwen claims to have already received over 1,200 Support Forms representing 27.3 million shares of Goldcorp ($630 million out of a total $9 billion market value). He wants more support from you – whether you hold Goldcorp shares or not -- so he can continue the fight.
You are probably aware that the managers of one of the largest capital pools in the world ($100 billion), from 264,100 Mom & Pop school teachers in the Province of Ontario, are also calling for a vote.
Also Frank Holmes who manages one of the world’s largest precious metal funds for U.S. Global Advisors based in San Antonio TX is dead set against any management and board of a company that owns about one-tenth of one percent of the issued shares deciding without shareholder knowledge or approval a deal that effectively amalgamates the company with a similar sized company.
Judge Pepall opines that there was no material corporate change in that transaction, but thousands of shareholders know better. The market sold off extremely following the announcement, as affected shareholders voted with their capital.
So, it’s not too late for anybody who has an interest in shareholder rights to spend a couple minutes filling out the McEwen support form.
I hope Rob McEwen carries this shareholder rights fight much further because the issues must be brought to light if Mom & Pop’s best interests are to be protected. Some organization is needed to protect them because securities commissions and stock exchanges obviously don’t care.
Did you know that, according to all the people I spoke with in the courtroom, neither the Ontario Securities Commission nor the Toronto Stock Exchange, situated two blocks from the courthouse, sent a single representative to the hearing. They didn’t in the Stelco case either.
Both organizations state their mission is to protect shareholder rights. Isn’t that shameful?
The writing is on the wall as to whom these organizations really work for, and it sure isn’t Mom & Pop or their professional capital managers like the Ontario Teachers Pension Fund.
In any event, I feel it is important that the owners and managers of capital NOT leave the issues of shareholder rights and corporate governance to be crafted by opposing self-interested parties. As these people say, “Out of the room; out of the deal”.
Although it’s the buy-side’s capital in the market, the sell-side is in full control, and the buy-side is “out of the deal”. Something must be done.