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11/17/15

Minera IRL (IRL.to) (MIRL.L): SP Angel has the story clear

Here's what SP Angel, a smarter than the average bear Brokerage in London, had to say about Team Hodges's latest mudsling this morning:

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Minera IRL (MIRL LN) SUSPENDED – Another misleading statement from the board of Minera IRL Limited
  • The mudslinging continues:
  • The board of Minera IRL Limited have issued what in our opinion is yet another misleading statement attacking Diego Benavides.
  • The company report that they have filed a criminal investigation into the activities of the President of the subsidiary company Minera IRL SA in connection with the $70m bridge loan provided by COFIDE.
  • The investigation relates to a payment made to the structuring agent “Sherpa” and paid through a US bank as previously reported by the company.  The structuring fee was around $2.1m plus a 0.9% nsr and 11.6m shares.  It is our professional opinion that this is a fair fee for a structuring agent and the payment through a US bank indicates to us that the payment was part of a transparent and fair business transaction.
  • Moreover, the company, Minera IRL Limited, under Daryl Hodges has stated that the financial statements of the company and related companies are in accordance and full compliance with transparency and good governance rules.  This was also confirmed by the lender COFIDE.
  • The statement by Minera IRL Limited bears the name of Eric Olson, the company coo, though Olson is not a director.  We believe through conversation with company employees that Mr Jamie Pinto, the non-executive chairman, is the real inventor of these press releases and we wonder why his name or the names of any of the other directors are not attached.    
  • It may be interesting to note that certain allegations were made against Jamie Pinto, a lawyer in Peru, by a Peruvian congressional committee  in connection with a multi-million dollar corruption and use of insider information.
  • See this link: http://incakolanews.blogspot.co.uk/2015/09/the-talented-mister-pinto-from-ikn-333.html
* SP Angel analysts are expressing their own views and opinions in this analysis.  SP Angel has no corporate connection with Minera IRL or its subsidiaries.  SP Angel holds no shares in Minera IRL and does not have any current financial arrangements with the company.