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11/23/16

Frank O'Kelly has failed as a company leader and must be removed

Here's an interesting one. I've found out the reason why there was such a big difference between the November 16th NR, that said Minera IRL was looking to re-list on the AIM market in London, and the Management Information Circular (MIC) that stated in black and white that IRL has no intention of re-listing on the AIM.

Frank O'Kelly hadn't read the MIC.

However, O'Kelly signed off on the MIC.

He had no idea that his NR on November 16th stated something materially different from his company's Reg Fs and this, ladies and gentlemen, is corporate negligence of the highest level. It's one thing to sign off on somebody's expenses without checking the line items, but for the Chair of the company to sign off on the AGM agenda, arguably the single most important regulatory document of the year, beggars belief. I could even speculate and say that Derrick Weyrauch wrote every word of the MIC then told Frank to sign off with a "don't worry Frank, all standard stuff" and O'Kelly fell for it. But even if that personal speculation is off, I still think it's fair to state that O'Kelly isn't fit to be a director of the company, let alone its lead director and chair.