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caveat emptor -- buyer beware.
The announcement of the three month contract came in a PR dated 7/17/07. If the contract was signed that day, they (L2I) have until 10/17/07 to complete their assignment. Of course, they can always extend the contract if they need more time.
If they haven't reserved a place for the meeting yet, they should keep in mind that halls for Sept. and Oct. are usually booked well in advance.
I've only spoken to Carol and I wouldn't expect her to know such things. Mrs. Lagace has already left the office, but you can catch her on her cell phone: 514-813-9504.
Monday is a holiday in Canada just as we celebrate in the U.S.
Well, I just spoke to Carol at L2I and she told me, off the record, that she expects the meeting to take place in one month. There has been no talk of a cancellation of the meeting
or that they have withdrawn from the three month contract with Aurus. The special shareholders meeting is still on! She said a number of kinks had been worked out and then some other kinks arose. Carol thinks the press release will come next week from Aurus and not L2I.
She said she used to get forty calls a day from shareholders
and that is now down to five or ten a week.
The ethanol business is getting so many breaks from government that we should just be happy there is still some corn on the cob for human consumption.
I'm waiting for a PR naming the construction company AENS has chosen to build its plants. We also need to hear from them what arrangements have been made to finance the projects, i.e., what combination of debt and equity financing.
Since the contract with L2I is for three months, only six weeks
remain on the contract. That means the meeting has to take place by early October. It doesn't appear that they were hired to do more than organize a shareholders meeting, so we shouldn't expect to see any PRs about other business released by L2I. I suspect that even news about the meeting will be released by Aurus, just like all previous PRs.
I disagree, Carl, and I understand where your doubts come from. I expect the meeting to take place in the early fall, and I don't expect to see any pros there. I also don't expect to see you there, although attending the meeting might dispel some of your doubts.
If there is going to be any kind of vote at this meeting, as some have surmised, all registered shareholders have to be officially notified. That means the Company (or L2I) must get a list of the shareholders as of a certain date. To my knowledge, such a list can only be obtained through a transfer agent.
According to Moe of Heritage Trust, Aurus didn't have its corporate paperwork in order so he couldn't do his job as transfer agent. As far as I know, there is no way to officially contact shareholders without using the TA as an intermediary. Notification and proxy voting has to be set up approximately a month before a meeting can be held. So my conservative estimate is, if voting is involved, that the meeting cannot be held until a TA is assigned and the corporate paperwork is in order, in other words, six to eight weeks from now.
Of course, it is possible that a meeting could be held without any voting activity, just a presentation of the Company's business success, production figures, financial statements, and so on. In that case, they may not need to officially notify shareholders individually and a meeting could take place as soon as three weeks after a press release announces the time and place.
Either way, the shareholders have a right to know what is going on without all of this secrecy, week after week. I find this prolonged silence very unhealthy. I know for sure it's not helping to lower anyone's blood pressure. I've been checking mine every other day and it doesn't see to be under control.
Call it the Parkin effect.
Good work, DOS. Your approach is the only way to get any answers. L2I had told us a while back that they deal with the Russians through a translator, so what Mrs. Lagace told you was not really news, only confirmation of what we already knew. I guess we just needed the reassurance. Too bad you had to get upset, but I'm glad you did because otherwise they would think everything is just peachy with the shareholders.
We need to let them feel some pressure. I remember being told when I called L2I that we could expect an announcement concerning the SH meeting no later than August 6, and now three weeks have passed with no news at all. I don't look at it as dishonesty, but rather as gross incompetence, insincerity and insensitivity. I can't wait to see them face to face.
Did you try calling Mrs. Lagace on her cell?
514-813-9504
I haven't had time to call them during business hours. Last week, I called her cell and got a recorded message. Just thought someone else might like to try. BTW, CC, I think your poetic style is great! One of those things that makes you go "hmmmmm".
If anyone wants to contact L2I today, here is the office no.:
450-923-9381. And here is Mrs. Lagace's cell no.: 514-813-9504.
At this point, with so little news coming our way, to successfully distribute the promised share dividend would provide sorely needed proof of administrative competence, maybe even proof of life.
My trade just went through at .035 and I am one happy camper,
looking forward to that Sept. 3 meeting.
Thanks EIK -- When news of the done deal(s) is released,
we will see at least a doubling of the current PPS, in my opinion, which we should be able to maintain as our new support level.
Thanks for the DD, TG. If I can make that buy at .036 this afternoon, I will have averaged down to .041, ready for news about the acquisition of SNGF. Go Maly!!!
"That is one optimistic view point. Is there anything that would dampen your outlook?"
Not after reading DP's prediction in post 68077.
(a ten-bagger equals the buyout price of .55)
"I already mentioned that this pic might indicate what'll happen to the deal...now it looks like the car really fell down."
I remember that post. Quite intuitive.
DOS -- Good post. When I read that the Company wants to discuss its business model with shareholders at a special meeting, it seemed to indicate that current Aurus shareholders would have an ongoing stake in the business after AURC is acquired by another entity.
My guess is that the delay in informing us about the status of the buyout is the result of Aurus negotiating a new and better deal by which we will own shares in the acquiring company in addition to an exchange of a certain amount of cash for our AURC shares.
BTW, I spoke to Carol today at L2I and she told me the SH meeting is definitely on, but she couldn't tell me where or when.
I'm glad it fell through. Better the Company stay focused
on becoming an integrated oil producer of the first tier.
If they have put to rest the r/s rumors, I'll buy 100,000 more shares tomorrow.
I like my chances here, as long as the r/s chatter is over.
Added 50,000 today at .036.
We will have the correct answer to all of these questions
within one month.
Looks like they will have to postpone the shareholders
meeting if there is no announcement this week.
Sure is a slow day. My 2000 shares was the only trade in the last four hours. About $125.
Lagace and Legault: 450-923-9381
My purchase of 2000 shares was the only trade in the last two hours. Wierd.
DOS -- That's true. There was no guarantee of a PR by Aurus. The Company only said they had hired L2I to organize a special shareholders meeting and that registered
shareholders would be officially notified of the date, time and place of the meeting which would take place toward the end of August or in early September.
When GP is involved in the planning process, we go by Parkin time and that means the meeting will probably happen sometime between Sept. 15 and Oct. 31.
Four million shares traded already. Something's cookin'.
If you go by the PR's, all L2I was hired to do was organize the SH meeting. The PR said the registered shareholders would be officially notified as to the date, time and place of the meeting. I wonder how the company can officially notify the registered shareholders without the help of a transfer agent.
If L2I spills the beans about the buyout, the dividend, production, and the financials in a PR, why would anyone go to the SH meeting, except to throw tomatoes at GP?
It would be nice if they were to at least announce the new NA representative for Aurus before the meeting, but now I'm just hoping we find out the date and location of the meeting this week.
I'm sure we will hear from someone "very soon", in Parkin time.
Marav -- When you call L2I, tell them we need to know "very soon" when and where the shareholders meeting will take place.
They will surely reply: "Okay. We will tell you very soon."
According to the last PR, L2I was hired specifically to organize this special meeting. It wouldn't surprise me that
a PR released by L2I would only include details about the meeting and not much more. What do you think?
My last purchase was 22,000 shares at .06, looking for a 50% gain next week.
I still predict the meeting will be held no later than the weekend of Sept. 15th. It would be nice to get some news tomorrow, but Monday is more likely. IMO
AURC has held nicely for weeks with no news. Even if you don't believe there will be a meeting, emily, the PR might just double the current pps.
Ward bought at .82 on 8-14-07. We are now at .67 which is around the 52 week low. We may see this drop some more depending upon the August 20 vote to authorize more shares.
I'm waiting for the ideal entry point. That may come after the meeting but before the announcement of completed financing and a groundbreaking date for the first plant.
cfpjbs -- I just called Heritage. The receptionist clearly stated that they have not been contacted by L2I, either by phone or by mail. She said she would send me the letter Heritage submitted to NASDAQ by email, but I haven't received it yet. The letter apparently explains the situation and their offer to resign as the TA for Aurus.
Everyone should remember that these difficulties arise all the time in the course of doing business, especially with small companies that are dealing with exchanges in foreign countries. However, Aurus should have handled this situation with a little more finesse, especially since they PR'ed the news that a new TA would be taking charge of the distribution of the share dividend. They will hear a lot about this botched agreement with Heritage at the shareholders meeting. I personally intend to give them a piece of my mind.
I'll give Moe a call this afternoon to see if he received the package from L2I. It may have contained the corporate paperwork
he said he needed to do his job. That would be nice.
I'll put in a call to Carol in the afternoon as well, but maybe you could call her this morning.
P.S. Got your PM. I still plan on going to the meeting,
whether it's in Burlington or Honolulu.
You're right, of course, but Moe must have been so frustrated
that he had to vent to SOMEONE, and it was either to me or his therapist.
Moe told me a day or two ago that he would send Aurus an ultimatum this week giving them a few more days to respond before resigning as TA. I believe that is still the situation.
If someone was told Heritage has already resigned, I believe
the purpose of that message was to stop everyone from calling them.
I gave Carol Moe's name and the telephone number of Heritage. It seems to me that the "package" sent to Heritage by L2I was ultimately meant to keep Moe from resigning. There might even have been a check in the package.
Carol told me that Aurus must have made a payment to L2I for them to have begun the work they are doing for Aurus. L2I may have decided to throw a few dollars at Moe to pacify him before he resigns.
Moe had told me that Aurus was promising to pay him by wire transfer and then by some other means but they never got around to sending the money (about $5,000).
Marav -- Maybe you could put in a call to L2I on Wed. and post any news here. I will be working all day and won't have a chance to call them. Many thanks.
Marav -- Here's the number for Lagace and Legault
450-923-9381
Carol's extension is #21
GLTY
It sounds like Mrs. Lagace is focusing on Aurus right now, although L2I has other clients besides us. There has been no mention of legal issues in my recent conversations with Carol, so I would think those have been cleared up by now. The reason why I say they are running a tight ship is because final decisions are being made and there have been no leaks or rumors. Even the secretary to Mrs. Lagace is outside of the loop in the decision making process.