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Two brokerage notes on Minera IRL (MIRL.L) ( this morning

Today Monday this was published by Shore Capital of London UK. Screenshot of the morning mailer:

And this was published by SP Angel, also London UK:

Any further questions?

PS: If you can't read the screenshots in the daily digest e-mail, come to the IKN blog site.

PPS: Here by request are paste-outs:

MINERA IRL^ (MIRL, NR, CNP) – Minera soap opera: we call on the board to detail ex-Executive Chairman Daryl Hodges’ financial arrangements. The Ontario Securities Commission has handed down a ‘cease trade order’ due to Minera’s having failed to file its interim financials.
Putting aside our Dallas analogy for a moment, we note certain allegations about controversial financial arrangements regarding former Executive Chairman and now purportedly consultant and puppet master Daryl Hodges at a certain blog (; we are aware of the blogger’s identity, and believe him to be credible). The gist of the allegations are that Mr Hodges amended his already generous financial arrangements with the company to effectively award himself a very lucrative ‘get rich quick come what may’ scheme, and that this scheme was rubberstamped by Minera’s board - all at the expense of Minera’s long-suffering shareholders.
If untrue, we urge the board to fully disclose the full details of Mr Hodges’ financial arrangements (what they were originally, what they were changed to when, who approved the changes, and what the current board are doing about the matter) to debunk these allegations. Silence on the matter would represent a deafening self-indictment, in our view.


Minera IRL (MIRL LN) SUSPENDED – Statement from the Board of Minera IRL Limited
  • Minera IRL Limited has issued a further press release this morning relating to a ‘cease trade’ order in Canada.
  • The ‘cease trade’ order has been made as the board of Mineral IRL Limited did not file its interim accounts by 16 October.
  • The company also states “Minera IRL expects that the Order will be lifted after the Company files the Financial Materials.”
  • The statement also refers to the temporary compromise of the company’s Peruvian subsidiary.
  • It is our view that given the EGM vote to replace the current board that is probably better from a shareholder perspective for the shares to be suspended in both markets.
  • Shareholders need to decide which party should run this company going forward.
  • Should it be Diego Benevides, joint founder and director of the Peruvian subsidiaries or the existing board which seem unable to work with Mr Benevides?
  • We have been made aware of statements from persons supporting Mr Benevides. We will not reveal where these statements have come from but we will say that they provide damming accounts of the behaviour and actions of the board of Minera IRL Limited.
  • We believe that the board of Minera IRL are disingenuous in their statements.
  • In our opinion the board of Mineral IRL Limited are not acting in the best interest of shareholders.
  • That shareholders should support Diego Benevides in voting for the election of a new board.
  • Investors in the UK stock should send their votes to “Computershare Investor Services (Jersey) Limited, c/o Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY, United Kingdom, by not later than 3:00 pm on 24 November 2015.
* 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.