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11/26/16

Multiple choice question

  • A born "leader with balls"
  • Giver of countless rambling speeches that often incite violence
  • Strongly opposed to illegal immigration into The USA
  • A great admirer of Russia and its leadership
  • Surprisingly triumphed against all adversity to become his country's leader
  • For his opponents, an object of absolute hatred  
  • Rich beyond the dreams of a normal human, his wealth gathered by dubious means 

Please choose the correct answer:
a) Fidel Castro
b) Donald Trump

11/25/16

The Friday OT: Chocquibtown; Hasta el techo

Youtube here:


11/24/16

Dear Frank O'Kelly (part deux)

Dear Frank,

Before you publish your news releases tomorrow and/or next week in a vain attempt to distort the truth, please be clear about a couple of things. 

Firstly, over the course of this week you told not one but two people that you hadn't properly read the MIC. At least one of them recorded you saying that. In fact I recorded our whole conversation at breakfast on Wednesday, so be very careful about what you publish. 

Secondly, I would need to check up on the precise law (I'm not a lawyer after all), but the way you have been trying to influence the Rio Tinto vote by pressurizing Justin Quigley this week is, I believe, borderline illegal. And now that Quigley has refused to talk to you again, the way you and your board have been doing the same thing with Quigley's boss, Dave Andrews (Exploration Director of The Americas dave.andrews2@riotinto.com) is even more dubious. 

The third point is more of a reflection. Do you realize how mediocre and directionless you look if the only thing you can offer to the market is a series of rebuttals to a freakin' pissant blogger? Getting led round by the nose by an idiot like me is the holy mother of corporate amateur hours.

Last up, be clear that I stand by every word I've written about both you and your awful, two-faced, scheming, conniving board of directors that has no interest whatsoever in doing its job correctly and acting in the interests of shareholders. The people who replace you will.

Published 9:15pm Thursday November 24th.

Dynacor Gold (DNG.to): Time to ask Louis James about the "uninformed blogger"

Here's the five day chart of Dynacor Gold (DNG.to) versus the Gold and Silver index (XAU), including the point in time when this humble corner of cyberspace revealed the company is now facing legal action from the Regional Government of Arequipa in Peru that threatens to strip its ownership of the Veta Dorada property.



And we recall that Louis James of the Stansberry/Casey Research scammers thought I was an "uninformed blogger" on the subject when IKN first revealed the serious legal problems at DNG in October. How you feeling about that now, Lobito?

K92 Mining (KNT.v): Your Derek and Clive update

How's this Tommy Humphreys paid pump job getting on?



Oh, that well!

I know what Derek and Clive would say.

Minera IRL: Rio Tinto's Justin Quigley is set to attend the AGM

According to information received, Mr. Justin Quigley, representative of Rio Tinto (RTZ) that is in turn the largest shareholder of Minera IRL (44.1m shares, 19.1% of total), is planning to attend the Minera IRL AGM. That's happening next Wednesday November 30th at 900-885 West Georgia Street, Vancouver BC. At 10am.

Why is Mr. Quigley making the trip? Is he getting ready to vote in favour of a board of directors who will then massively dilute the share position of RTZ? A dilution, by the way, that the board says is necessary due to cash concerns, an argument that holds no water at all once you look at the company's filed financials for 2q16 and 3q16 and then project its needs before the Cofide deal is closed.

Why would Rio Tinto be keen on playing ball with this Weyrauch-led board of shareholder decimation? Has Rio Tinto and Justin Quigley worked out a backroom deal with IRL? Are we going to see "Another Guinea" happen at RTZ? Is Ollachea going to be its next Simandou? 

I think Mr. Quigley needs to answer these questions, so as he's cutely turned on his auto-reply at his mail address and is pretending to be on vacation until November 28th, IKN suggests that Minera IRL shareholders in the Vancouver area next Wednesday should go along to the AGM and ask him in person. I'm sure he'll be pleased to chat with fellow shareholders and put their minds at rest.


Some melodic Spanish language music for this pleasant Wednesday evening

Joaquín Sabina, with one of his most famous songs, "Nos sobran los motivos":



Esta empresa de mudanza
Con los muebles del amor


No abuses de mi inspiración,
No acuses a mi corazón
Tan maltrecho y ajado
Que está cerrado por derribo

Youtube here.

11/23/16

A question for Darren Pylot

Dear Darren,

About those "costless" collar hedges you put on production of the company under your control, Capstone Mining (CS.to), with a upper collar of a few tenths above U$2.53/lb.

Feeling stupid yet, Darren?

The Clive does BNN

BNN TV's Andrew "Dulcet Tones" Bell was today honoured with a full nine minutes of the great man himself, as The Clive told them all about Mali and mining gold there at his the company's new Fekola mine. And as a bonus ball we also get The Clive's soothing prose on Masbate political risk. Watch the video right here.

Nice pocket detail, Clive.


(h/t reader MTS)

Minera IRL: How to vote in order to save the company (important)

Fellow shareholders of Minera IRL, you have been immensely patient over the months (in fact years) of this company's mismanagement and its woeful tale. You have also been patient and kind with this humble corner of cyberspace, which is greatly appreciated. But today I have good news; we are just days away from fixing this mess forever, kicking out the bad guys, bringing in the good guys and getting this company and its valuable Ollachea project back on line.

This week I had a second meeting with the group of dissident shareholders who, collectively, brought the nefarious goings on at the company under this new rapacious board of directors to my attention a couple of weeks ago. The shareholders, all Peruvian and between them owners of many millions of shares, made it clear that if the current board is voted up at the upcoming AGM, the company is going to be sold down the river and the proceeds diverted away from us, the shareholders. Evidence is overwhelming and as we have seen in the series of post these last few days...


...the current board has lied to you and has desperately tried (and failed) to cover the tracks of their dirty plans since the light was shone upon them.

Here's how we must vote in order to save the company. And please note, I know I've already shown you this proxy example sheet in a previous post last week, but:

1) There is one very important change
2) You can still change your vote if you have already voted. You just go back to the ComputerShare site and change. It is your right to be able to change your vote.


The big difference is that we are now voting FOR the director Gerardo Perez. This is important, those of you who have already voted against Perez are kindly requested to change their vote.

We also vote FOR the filing of the annuals and the auditor.

We vote AGAINST all other proposals, including the directors O'Kelly, Weyrauch, Bavin and Schafer, plus the two highly toxic resolutions (8 and 9) these people want to push through in order to enact their plans.

By doing this, it means that Gerardo Perez will be able to reconstitute the board of directors and nominate highly qualified people who are 100% cast-iron guaranteed to safeguard the rights of us, the shareholders. With new directors in line with shareholder interests, the board would not de-list from the London AIM exchange and they would not emit the extra shares they want, up to and including 115m, at any price they want and to anyone they prefer. Voting for Gerardo Perez, a highly regarded Peruvian lawyer with deep and long-standing contacts in the country and the way in which State-run entities work, will set off a virtuous circle chain reaction that will expedite the Cofide deal (something else the current board wants to throw out, no matter what they say in public), protect shareholders, allow the Ollachea project to go ahead as part of Minera IRL (and not sold to somewhere else), stop the deep share dilution and ensure Minera IRL re-lists on the London AIM stock exchange.

In other words this stops the rape of our company, the one we shareholders own. We will get a good board, one aligned with us, for the first time since the death of Courtney Chamberlain. We will then be able to enjoy the fruits of a successful company and a stock price that will climb high, instead of being fed scraps by fatcats. Thank you for your attention.

PS: Peru shareholders, don't wait until the last minute and please get your votes in now. Voting in Peru is scheduled to close before other jurisdictions.



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.

Chart of the day is...

...the gold/silver ratio:



It's still above 15X! Still above 9X! Somebody tell Neumeyer!

11/22/16

Another large Minera IRL shareholder speaks

The following was sent to the Board of Directors by another big shareholder of Minera IRL, on the back of the Peruvian shareholder who wrote his open letter to the same people on November 20th. As before, I have been given permission by the shareholder to publish here and as before, he only wishes for public anonymity which of course I respect. His identity is known to myself and to the board of directors of Minera IRL, who all received the signed mail. I've brushed up the grammar very slightly, but it's as-is.

Dear Mr O'Kelly and Board Members:
 
I fully agree with (the concerned shareholder of November 20th)'s comments.
 
As a shareholder with over 4 million shares and as a US Citizen, I am surprised and concerned with the way you are handling the Annual General Meeting of Minera IRL. Moreover, I am concerned with your proposed Special Resolutions.
 
Respectfully, you owe us a prompt and solid response to these questionings. We expect a direct communication and not only a press release.
 
Regards,
 
(name supplied)

Hurricane Otto

It's noisy and wet.
It's unpredictable.
It demolishes badly constructed projects.
It's Hurricane Otto.



Coming to a Central American beach near you, soon. National Hurricane Center web page right here. My thanks to PK, TH and SP for the heads up.

More total BS from the board of directors of Minera IRL

With its latest New Release, entitled "Minera IRL Limited Supplements and Corrects Its Shareholder Update of November 16, 2016", the board of IRL has moved us straight into the world of Clownfest. This bunch of idiots led by the two-faced and scheming Derrick Weyrauch (sadly, Frank O'Kelly has been usurped in practical terms) are now so desperate to get their hands on their payola they've resorted to attempts to hoodwink us all.

Let us be clear:

1) They claim to be desperately short of cash. That is clearly untrue, as both the 2q16 and 3q16 financials show they have plenty of cash on their books and a Free Cash Flow positive mine that generates more than enough profit to cover the company G&A. Minera IRL only needs to get to the deal stage with Cofide in order for the financing to flow, it doesn't need years' worth of money. Therefore, the scheme to issue up to 115m shares is unnecessary for the company well-being.

When they state that "...the Company needs to move forward, and that requires the ability to issue share capital", what they do NOT mention is how the directors want to completely change the rules of the company by swapping its jurisdiction from Jersey to Canada. If they succeed, they will be able to issue shares without any further approval and this blog repeats, they'll be able to award the shares to anyone they want and at whatever price they want, unlike previous years.

2) But then we move into Mondo Bizarro. IRL's desperate directors have now tried to backtrack on the statement that they're looking to re-list in the AIM market in London, as per their November 16th NR. Today they say this:

"Discussions are in progress with our transfer agent to find an efficient mechanism to allow UK based shareholders to trade their shares upon the resumption of trading in Canada. The Company may in the future and subject to appropriate market conditions, seek an AIM listing but currently no plans are in place to do so."

That, ladies and gentlemen readership of IKN, is so obviously BS it's laughable. So please pay attention and read this section of the document that really matters, the 2016 Management Information Circular (MIC) filed on SEDAR earlier this month (I've helped with a bit of bold-typing):

The Board proposes to replace the Company’s current Articles of Association (the “Existing Articles”) with new Articles of Association (the “New Articles”) in substantially the form attached to this Information Circular as Schedule 1. The primary reason for replacing the Existing Articles with the New Articles is to provide the Company with a modern set of Articles of Association tailored to the Company’s primary trading market in Canada. The Existing Articles were tailored to conform to the requirements of two trading markets - the AIM market of the London Stock Exchange and the Canadian Toronto Stock Exchange (or TSX) - but the Company is no longer listed on the AIM market and has no intention of seeking to renew that listing. Some of the provisions included in the Existing Articles were adopted in order to conform to standards that are customary in the AIM market but not in the Canadian capital markets; these provisions are, on the whole, more restrictive than customary Canadian corporate and capital market provisions. As the Company is at the date of this Information Circular actively pursuing a listing on a Canadian stock exchange, management believes it to be in the Company’s best interest to adopt Articles of Association that will enable it to carry on its business and access the Canadian capital markets without the more restrictive AIM derived provisions imposed in the Existing Articles.
The main differences between the Existing Articles and the New Articles are that the New Articles (i) do not require shareholder approval in advance of any allotment of securities, and (ii) do not impose pre-emptive rights on securities to be issued.

Get that?

1) The primary reason...THE PRIMARY FREAKIN' REASON...these clowns want to completely change the rules of governance at the company is that they have no intention...NO FREAKIN' INTENTION...of listing on the AIM. All this "yeah well we'll see later" malarkey they're now trying in order to throw sequins in your eyes is total hogwash. The real document, not the NR, states it clearly. They're changing all the rules of the corporate governance because they won't ever need to comply with AIM rules any longer. And I remind you of the words of the large shareholder of IRL located in Peru in yesterday's post who said:
"In our same meeting last year you and/or Mr. Bavin stated that it was important to list in the AIM so that certain investment funds are not forced to sell under pressure."

In other words, the move away from AIM is extremely shareholder and price unfriendly.

And then in that second paragraph we get to see just why they want to change all the corporate governance rules. They get to allot shares without asking us ever again, which is completely unlike previous years. Which makes you wonder just how sincere all the first part of today's NR is, all that about "well we only said 50% because it sounded like a nice number".

This is madness! They're trying to tell us that maybe in the future they'll consider going back to the AIM, when the real plan is to change the rules to allow the dilution taps to be turned full on and the only way they can do that is by leaving the AIM! Do NOT believe the news releases, believe the company's own words in its Regulatory Filings. It is now patently obvious that this board of directors cannot be trusted and that they are saying and doing anything they can to trick us, all this from a board with the worst possible track record of fiduciary duty towards it shareholders. They are not deserving of our trust or support. This upcoming AGM is the last chance to stop the legalized rape of this company and the only way to do this is to get rid of Weyrauch and his band of opportunists. If left unchecked, they are going to pocket the money that we shareholders deserve.

Minera IRL: Thinking Rio Tinto

On reading the thoughts of the large shareholder (post below) regarding the board of Minera IRL and their underhanded ways, it really is interesting to reflect on the rumoured position of Rio Tinto (RTZ), the 19.1% owner of Minera IRL, due to the word on the street in Lima that RTZ is about to vote for the current board of directors and against their own interests.

It's bizarre that an entity with over 44m shares of IRL would actively vote for a board that's planning to dilute them to such an extent and ruin their equity holding, unless of course the person in charge of the RTZ holding in Minera IRL, one Justin Quigley, has some kind of pre-arranged deal with some member of the IRL board of directors. And after the RTZ bribery and corruption scandal in Guinea, it would be off-scale crazy to see some employee of RTZ get involved with murky stuff all over again.

So if you, kind fellow shareholder of Minera IRL, have an opinion to give to RTZ on this issue, feel free to contact Justin Quigley on this mail address...

Justin.Quigley@riotinto.com

...and tell him how you feel.

11/21/16

Minera IRL: A Peruvian shareholder writes to Frank O'Kelly and the IRL board

What follows is a translation of a letter sent to Frank O'Kelly and the board of Minera IRL, yesterday November 20th, by a large shareholder of the company (he has over a million shares personally and is closely connected to other Peruvian shareholders with many millions more). His name is omitted from this translation, but both I and Mr. O'Kelly are fully aware of his identity. He has given me permission to reproduce this translated version here on the open blog. Here we go.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Lima, November 20th 2016,

Mr Frank O'Kelly, board members, ladies and gentlemen,

I write in order to make clear my concerns regarding the following matters:

Last week I was made aware that a new Annual General Meeting (AGM) has been called by the company for November 30th 2016, without having received any information on the AGM via mail or other media. The only information came in a hidden form on the Minera IRL website and I do not know when it appeared. The lack of transparency on a subject as important for IRL shareholders surprised us. It's like trying to get an elephant through a door without anyone seeing*, which demonstrates a total lack of respect towards us the shareholders.

In the November 30th AGM has very important agenda matters, apart from that of the directorate. One point that surprised us is the petition for the modification of corporate by-laws so that the board of directors (whose current members do not hold a single share) can award all the shares they want without anyone knowing and award them to whoever they prefer. This is even worse than the petition that Daryl Hodges, Doug Jones and Robin Fryer tried to push through in the AGM of August 27th 2015. Here is a reminder:
8. To authorise the directors in accordance with Article 6.4 of the Articles of Association of the Company to allot up to a maximum of 115,567,514 ordinary shares (on a pre-consolidation basis), being 50% of the ordinary shares issued by the Company as at the date of the Notice of Meeting.

Special Resolution 9. To authorise the directors in accordance with Article 6.4 of the Articles of Association of the Company to allot up to a maximum of 115,567,514 ordinary shares (on a pre-consolidation basis) for cash, being 50% of the ordinary shares issued by the Company as at the date of the Notice of Meeting.
Your petition for the November 30th AGM goes further:
Special Resolutions 8. That the Articles of Association in the form attached as Schedule 1 to the Company’s Information Circular dated October 25, 2016 (the “New Articles”) be and are hereby adopted as the Articles of Association of the Company to replace the existing Articles of Association of the Company (the “Existing Articles”).
9. If the New Articles are not adopted, that the Board of Directors be authorized, in accordance with Article 5.1 and 6.4 of the Existing Articles, to allot up to 115,567,514 ordinary shares, for cash and free of the pre-emptive rights provided for in Article 6.1 of the Existing Articles.

Not only do you want to emit up to 50% of the current share count, but what's more it appears you want to do so without consulting shareholders. Is this the reason why you have been so non-transparent on informing us about the AGM?

In the meeting we had with you and Mr. Bavin last year, we were offered other proposals for the future of Minera IRL. I now understand why you have kept on Mr. Robin Fryer as counsel to the board (at a salary of U$7,000 per month), one of the brains behind this type of proposal. I recall the interview he gave to Global Mining Observer in November 2015 when he put forward this scheme:
“Step one, which Daryl Hodges had started to work on, but was blocked, was to have an equity raising in all three markets, maybe a rights issue,” Fryer says. “It’s a pretty small enterprise in the London market, even in the AIM side, but in Peru, it’s a big deal

Regarding the listing of Minera IRL shares in the various stock markets, you do indeed mention in the news release of November 16th that the re-listing process continues in Lima and Canada. But what cannot be denied is your comment regarding the AIM listing in London. This from the 2016 Management Information Circular regarding the agenda for the upcoming AGM

The Existing Articles were tailored to conform to the requirements of two trading markets - the AIM market of the London Stock Exchange and the Canadian Toronto Stock Exchange (or TSX) - but the Company is no longer listed on the AIM market and has no intention of seeking to renew that listing.

In our same meeting last year you and/or Mr. Bavin stated that it was important to list in the AIM so that certain investment funds are not forced to sell under pressure. At the meeting you also committed to listing as soon as possible in the Lima and Canada markets.

Regarding Rio Tinto and its 44,126,780 shares, emitted at a price of C$0.179. We all know that RioTinto is the largest shareholder of Minera IRL, with 19.09% of shares at present. In the AGM of August 25th 2015 it decided to abstain from voting, as logically a dilution of its share holding did not favour its corporate interests. In the EGM of November 26th 2014 Rio Tinto did exercise its voting rights selectively towards the current board (e.g. Julian Bavin), which of course is its right to vote as it seems fit.

However, what we do not understand is whether in the next AGM of November 30th 2016, Rio Tinto will support the emission of 50% of the current share count and also support the current board.

1) Because its holding would drop from 19.09% to 12.73%
2) Because it would vote for a board that wants to dilute its participation in Minera IRL

We do not know what is happening, perhaps you or Mr Bavin can explain to us whether there is some sort of deal with Rio Tinto that the rest of us shareholders do not know about. After what has happened in Guinea (according to Global Mining Observer), the position of Rio Tinto should be the most transparent possible.

Finally the "million dollar question", as we say in Peru. Why do you want to go ahead with this share dilution before the results of the drilling campaign at Ollachea are published (December 2016), a place that the board of directors visited just a few weeks ago. I will refresh your memory on what you told Lawrence Williams (Lawrie On Gold) on October 21st, 2016:
But its flagship project is a major advanced new gold mine development, Ollachea, located in Puno in the South of Peru. This project is fully funded by a Peruvian State Development Bank ($240 million facility of which $70 million has been advanced). The mine is fully permitted and has subscribed a 30 year social license with the local community. The mineral resource exceeds 2.40 million ounces Au and M+I reserves of 1 million ounces, which will sustain a production of 100,000 ounces of gold per annum for a decade. The company is presently drilling off an already constructed 1.2 km access tunnel with a target of adding an additional 600,000 ounces to the resource. The down dip extension which is currently being drilled reports intersections up to 20 m with grades from the only 3 holes for which so far have assays reporting 5 g/t Au, some 40% better grade than the main ore body which was delineated with 82,000 m of drilling. AMEC has filed a NI 43-101 compliant feasibility study.


I need not remind a person such as yourself or your board of directors, made up of important people in the mining and business world, that you are handling important and privileged information regarding the results of the drilling campaign in Ollachea. And that any transaction of shares you may undertake would be examined closely by regulators. You have already given a glimpse of the results in the interview.

If resolutions eight or nine of the 2016 proxy are approved, you the board of directors could sell 115,567,514 shares immediately, at the last sales price, $0.047 per share, which would raise $5,431,673. What a bargain! And in both resolutions the phrase "preference for current shareholders" has been forgotten. However in the news release of November 16th, which this time arrived in my mailbox on the same day (unlike the AGM announcement that never arrived), it says:
On a final note regarding information appearing on social media stating that the Directors do not own any stock in the Company, I would like to clarify that the new members of the Board, including me, were appointed during the period of the CTO and as a consequence were and currently remain unable to buy shares in Minera IRL. Please be assured that the Board members are dedicated to restore the fortunes of the Company and I have no doubt that they will confirm that sentiment by purchase of stock once trading resumes.”
Mr. O'Kelly, I once again remind you of your words of October 21st 2016:
O’Kelly goes on to note that companies like Dalradian command a market cap ten times that of MIRL, whilst possessing comparable resources but still have permitting and financing challenges ahead. Meanwhile MIRL has a producing gold mine, a fully funded project with all the permits in place, a 1.2 km access tunnel, an EPC fixed price contract with Peru’s largest mine construction company and a 30 year social license for the local community. One can count on one hand, he says, the number of gold projects as advanced as Ollachea.  His short term target is to get the stock price over CAD $0.30.

The question is obvious: At what price do you and the board of directors want to sell these 115,567,514 ordinary shares, at $0.047 or at the 30c of your forecast?

For the good of the company, I ask you for a clear explanation as to why you have made these decisions. My intention is to vote against the current board and against the majority of the agenda points because they do not represent the interests of Minera IRL shareholders.

Yours sincerely, (name supplied)


*A Spanish expression. I decided to translate it literally.

The Dynacor Gold (DNG.to) price chart makes for pretty interesting reading

What with the big pump job on the stock by the proven securities fraudster Porter Stansberry, via several arms of his nefarious mini-empire (including of course Louis Lobito Little Wolf James of Casey Research), then how it cracked away from the newly reached $3 level when IKN revealed its permitting problems in Peru for Veta Dorada (posts from early October here and here), and since then the weakness has continued.


Because this humble corner of cyberspace wasn't kidding about the legal doo-doo in which DNG.to finds itself, as this letter shows.

PS: I've just been told by A. Reader that Louis James called Dynacor one of his Top Picks at the New Orleans show recently, calling the recent sell-off a great opportunity that had been caused by "an uninformed blogger". Bless him.

Anyone owning Dynacor Gold (DNG.to) needs to read this letter

Dated November 2nd 2016, it was sent to Peru's Ministry of Energy and Mining (MEM) by the relevant Peruvian regional authority, the Government of Arequipa (and duly received by registered mail on November 3rd). It told the MEM that the concession for the Dynacor Gold (DNG.to) property in Peru, "Veta Dorada", was awarded to the company (because they tried to use a sneaky shortcut) and according to both law and the firm opinion of the regional authority, the concession is invalid. It also states that the Regional Government of Arequipa is about to start legal action in order to get its incorrectly awarded concession back, i.e. take it away from Dynacor Gold.

Strange how DNG.to hasn't mentioned this to its shareholders yet, isn't it?