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11/10/16

Minera IRL: It's deja vu all over again

After an interesting afternoon meeting with Peruvian shareholders of Minera IRL (who control many millions of shares) it has become crystal clear to your author that the current directors of Minera IRL, led by arriviste Derrick Weyrauch, is trying to steal the company and its assets away from the shareholders in much the very same way that the scumbag Team Hodges attempted to do last year. 

The method they're using is to try and push through some draconian changes to the company in the hastily convened AGM set for November 30th, which is set to do the following:

  • Remove the company permanently from the London Stock Exchange.
  • Remove the company permanently from the Lima Stock Exchange (contrary to their current corporate position).
  • Give the board of directors, a group of people with virtually zero shares in the company, the right to allocate up to 115m shares to whoever they want and at any price they want without getting any further permission from their shareholders.
  • Sell a massive part of the company's assets to their preferred friends at a near-criminal discount the true value of the company, all to the detriment of current shareholders.

The group of Peruvian shareholders with whom I spoke today are up in arms about the way in which the directors of IRL, led by Weyrauch and the George Bee asset strippers and in cahoots with Rio Tinto, are trying to steal the company all over again. On hearing their case and reading through the 2016 Management Information Circular carefully this evening after meeting with the group of concerned shareholders, I am forced to agree. The Peru shareholders have decided to vote en masse against the current board on November 30th and in order to stop this legalized asset rape, they need everyone in The UK and Canada to know what's going on.

Expect more on the subject.