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WRITTEN CONSENT FORM RETURN INSTRUCTIONS
In the opinion of the ESHC, the actions of the current management of CPRK have shown a willful disregard for existing equity holders. Current management has shown little interest in negotiating an exit from bankruptcy that involves recognizing existing equity interests. Therefore, action has been taken to remove current management from their positions.
In order to facilitate that goal, you will be receiving a Written Consent form in the mail, it is imperative that you complete the form as soon as possible and return it as per the instructions listed below.
This is your opportunity, as a shareholder, to assist in protecting shareholder interests in CPRK.
*If you have physical certificates, you can fax or email or regular mail the consent back to the attorneys with the instructions included in your letter.
*If you hold electronic shares through a broker, you need to return the consent in the envelope provided. (there is a control number on a label on the form that matches up with how many shares you owned on the record date of May 16th)
*If you hold both certificates and shares through a broker you will need to do both.
*If you hold shares with multiple brokers or accounts, you will receive a form for each account, you need to return them all.
*If you hold shares through a broker and have already faxed or emailed your consent to the attorneys, please fill out and return the one you receive in the mail as well in the envelope provided in order for your vote to be counted.
If you have any questions please call me, my cell number is in the letter.
PS: Remember to print and sign your name and date it.
I think it is being misconstrued from this article.
http://missoulian.com/news/local/article_172b5e7e-13b0-11df-8f79-001cc4c002e0.html
What he actually says is very different from what I have seen some folks claim.
You take any pics to share?
The deadline is as soon as possible. As for the rest, out of an over abundance of caution,let me check before posting.
Thanks for the lesson Bubba, I stand corrected. LOL
On a serious note, my cell number is in the letter and if you guys have any questions or doubts about the process, please don't hesitate to call me, lets make sure we do this correctly.
hey guys, I am going to delete some of the posts on here, lets try and keep the violence (tar and feathers/lynching etc)to a minimum or y'all are going to get me in trouble with admin.
The Q will NOT be coming off, its all in the court documents for those not to lazy to read. For the record I have never owned any shares of this, nor do I intend to. I may buy the new company when they emerge after wiping out all the old equity.
You guys have been screaming for this for a long time, well the day is finally here
Since May 25th this has traded less than $200 worth total. I am sorry for those who are still holding, but there is no hope for these soon to be canceled shares.
There has been a total of $100 worth traded today, and there was NO volume at all for 4 days. Everyone knows that these shares are soon to be canceled as per the POR on file with the court. NO recovery for current common shareholders.
I am constantly amazed at what passes for "DD" for the pumps, are the masses really that clueless?
Wow !! That is the best thing I have read in a long time. I am going to bed smiling, knowing a small piece of karma was delivered today.
You are my hero. lol
Same thing yesterday as well.
Doubt it, there seems to be an endless supply of sheep. Many are first time investors who get burned, and get turned off to the market and never invest again thereby limiting the pool of investors which limits the growth of the overall market.
TVI Pacific Inc. Completes 22nd Shipment With Increased Copper Concentrate Grade and Provides Zinc Production Update
CALGARY, ALBERTA--(Marketwire - June 2, 2011) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), completed its 22nd shipment of copper concentrates produced at the Canatuan mine on May 30, 2011.
-- 5,146 dry metric tonnes ("dmt") of concentrate was shipped containing
24% copper;
-- Gross revenue of US$13.7 million will be received for the shipment;
-- Inventory of 1,151 dmt of copper concentrate remains in storage;
-- Efforts are being made by the off-taker to accommodate a shipment of
copper concentrate in late June; and
-- Negotiations for the first shipment of 1,000 dmt of zinc are underway.
The Company's 22nd shipment of 5,146 dmt of copper concentrates left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG ("MRI") on May 30th 2010. TVIRD expects to earn gross revenues of approximately US$13.7 million from MRI for the current shipment (pending final assay and price adjustments). Approximately 1,151 dmt of copper concentrate remains in inventory.
Copper production remains steady at Canatuan, achieving concentrate grade levels between 23 and 25 percent (this compares to concentrate grades of 17 to 18 percent copper for previous shipments). Efforts are being made by MRI to accommodate a shipment of copper concentrate in late June. It is anticipated that shipments of copper concentrate in Q3 and Q4 will continue every 6-8 weeks.
TVI has now produced approximately 1,000 dmt of zinc concentrate. Negotiations are underway with MRI for a zinc concentrate off-take agreement.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
Be a Fan at www.facebook.com/tvipacific
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "schedule" and similar expressions.
Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, such things general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements respecting the shipping schedule are based on the Company's previous experience with concentrate shipments and discussions carried out to date with MRI. Forward-looking statements respecting the copper content of future concentrate shipments and production from the Zinc Circuit are based upon current mining and processing activities, prior experiences of management with mining and processing activities, the estimated copper and zinc mineralization of the sulphide zone, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change).
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, and is available under the Company's profile at www.SEDAR.com. Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this news release to reflect subsequent events or circumstances, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.233-6506
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.233.6520
ian.mccoll@tvipacific.com
www.tvipacific.com
Source: TVI Pacific Inc.
TVI Pacific Inc. Completes 22nd Shipment With Increased Copper Concentrate Grade and Provides Zinc Production Update
CALGARY, ALBERTA--(Marketwire - June 2, 2011) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), completed its 22nd shipment of copper concentrates produced at the Canatuan mine on May 30, 2011.
-- 5,146 dry metric tonnes ("dmt") of concentrate was shipped containing
24% copper;
-- Gross revenue of US$13.7 million will be received for the shipment;
-- Inventory of 1,151 dmt of copper concentrate remains in storage;
-- Efforts are being made by the off-taker to accommodate a shipment of
copper concentrate in late June; and
-- Negotiations for the first shipment of 1,000 dmt of zinc are underway.
The Company's 22nd shipment of 5,146 dmt of copper concentrates left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG ("MRI") on May 30th 2010. TVIRD expects to earn gross revenues of approximately US$13.7 million from MRI for the current shipment (pending final assay and price adjustments). Approximately 1,151 dmt of copper concentrate remains in inventory.
Copper production remains steady at Canatuan, achieving concentrate grade levels between 23 and 25 percent (this compares to concentrate grades of 17 to 18 percent copper for previous shipments). Efforts are being made by MRI to accommodate a shipment of copper concentrate in late June. It is anticipated that shipments of copper concentrate in Q3 and Q4 will continue every 6-8 weeks.
TVI has now produced approximately 1,000 dmt of zinc concentrate. Negotiations are underway with MRI for a zinc concentrate off-take agreement.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
Be a Fan at www.facebook.com/tvipacific
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "schedule" and similar expressions.
Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, such things general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements respecting the shipping schedule are based on the Company's previous experience with concentrate shipments and discussions carried out to date with MRI. Forward-looking statements respecting the copper content of future concentrate shipments and production from the Zinc Circuit are based upon current mining and processing activities, prior experiences of management with mining and processing activities, the estimated copper and zinc mineralization of the sulphide zone, the current development and operating plan, and the Company's current budget and overall strategy for Canatuan (which are all subject to change).
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, and is available under the Company's profile at www.SEDAR.com. Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this news release to reflect subsequent events or circumstances, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.233-6506
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.233.6520
ian.mccoll@tvipacific.com
www.tvipacific.com
Source: TVI Pacific Inc.
Excuse me while I pick up my jaw off the floor
lol, I missed it as well until you said something. Clever.
Hahaha very funny!! I looked into it a little more and found this:
This product and accompanying television commercial were specifically designed to raise money for The Charles Schulz Celebrity Golf event, a 501 C3 charitable organization that has already donated over $2,000,000 to The Boys & Girls Clubs and other children’s charities throughout Sonoma County California.
Range’ Golf Balls starring
John O’Hurley (Mr. Peterman on Seinfeld),
Patrick Warburton (Joe from Family Guy),
Matt McCoy (L.A. Confidential)
and Kevin Brief (Wings).
TVI Insiders continue to show support by purchasing shares on the open market again today.
http://www.tvipacific.com/AboutUs/Management-Director-Share-Transactions/default.aspx
Have a good day
Rhonda
Rhonda Bennetto | VP Investor & Corporate Relations
desk 403.233.6506
mobile 403.389-4633
skype rbennetto
TVI Pacific A Philippine Resource Company
2000, 736-6 Ave SW | Calgary, Alberta l Canada l T2P 3T7
Connect With Us:
http://www.tvipacific.com
www.twitter.com/tvipacific
www.facebook.com/tvipacific
TVI Insiders continue to show support by purchasing shares on the open market again today.
http://www.tvipacific.com/AboutUs/Management-Director-Share-Transactions/default.aspx
Have a good day
Rhonda
Rhonda Bennetto | VP Investor & Corporate Relations
desk 403.233.6506
mobile 403.389-4633
skype rbennetto
TVI Pacific A Philippine Resource Company
2000, 736-6 Ave SW | Calgary, Alberta l Canada l T2P 3T7
Connect With Us:
http://www.tvipacific.com
www.twitter.com/tvipacific
www.facebook.com/tvipacific
Harbin Electric (NASDAQ:HRBN) Does their buyout story really make any sense?
Citron has received worldwide press exposure for its first-in-the-market commentary exposing China MediaExpress (CCME) and Longtop Financial (NYSE:LFT). The driving force of our commentary has been and will continue to be simple common sense. Whereas most analysts are busy listening to the company or blindly vouching for management’s statements, we reference a more profound source — the simple question, “Does this make any sense?” So in keeping with the spirit of that question we present to you Harbin Electric.
On October 11, 2010 The Harbin board announced it received a “proposal of going private” from its Chairman Mr. Tianfu Yang. Notice a proposal is not a buyout offer — it is just that — a proposal. To Citron, this is like a “promise ring” exchanged between teenagers. It is now eight months later and we still don’t have our engagement; shareholders just stare at their promise ring with hope.
Citron asks…”Does this make any sense?” Let us examine the deal.
When the proposal was announced in October…it was pre-RINO, pre-CCME, and pre-Longtop. (These three notorious blowups have set the tone for finding fraud in China stocks over past 8 months). Note to Harbin management: “If you couldn’t secure the financing in October…than good luck trying now.”
Listen to the Bank
One month after the CEO put the promise ring on the fingers of shareholders, he turns around and enters into a term loan facility with China Development Bank for $50 million. Yet, the bank does not securitize this loan with the assets of the company or with its cash flow. Rather, the bank collateralizes the loan with 7 million shares of Harbin stock pledged by the CEO … with provisions calling for him to pledge additional shares of stock if the price goes lower. At the time of this transaction, he pledged stock worth $140 million USE collateral value for a $50 million loan. What does the bank know that we don’t?
Well, if anything, this transaction created one powerful incentive for the CEO to keep his stock price higher.
SEC vs SAIC
Those who believe SAIC filings do not make a difference are invited to skip this paragraph.
The reason Citron believes SAIC filings are relevant in the case of HRBN, is that the sources of funds for Harbin’s proposed going-private transaction are money from within China — whether it be a partner or a bank. Is it so far fetched to believe that possibly the banks in China rely on documents produced in China? Citron has obtained copies of the HRBN SAIC docs from two different sources and they paint a completely different financial picture of the company than it presents in its SEC filings. Below are the Chinese copies of the SAIC docs along with a spreadsheet done by noted research firm J Research.
SAIC docs:
Weihai Tech Full-0809,
Shanghai Tech Full SAIC
Xi'an Tech Full SIAC
Harbin Tech Full annual inspection 08
Harbin Tech Full annual inspection 09
Tax information-Harbin Tech Full
Spreadsheet compilation:
HRBN 2011_05_25 (from http://www.jcapitalresearch.com/ )
The takeaway from Citron is that the SAIC filings reveal low profitability and undisclosed liabilities. After the “Longtop fiasco” we understand that hidden liabilities are a larger and more real concern than ever. The SAIC docs from Harbin and Shanghai Tech Full Electric reported consistent losses in both fiscal years 2009 and 2010. The Harbin subsidiary lost 1 million and 3 million USD in the two years respectively and the Shanghai subsidiary lost 2 million and 1.3 million in those two years.
IS THIS WHAT THE BANK KNOWS??
A simple consolidation of HRBN’s four subsidiaries based on subsidiaries’ Chinese filings showed no more than $12 million USD of profits versus $80 million net income reported on its SEC filings in the year 2010. Additionally, it appears HRBN grossly understated its liabilities on its SEC filings when compared with a consolidated version including all of its subsidiaries. HRBN showed a total liability of $180 million on its SEC filings while consolidation of its subsidiaries yield a total liability of $244 million; similarly in year 2010, its SEC liability was $151 million versus a consolidated $276 million shown on the SAIC docs.
What a buyout should look like … if it was real.
Nine months ago when this “proposal” was released management could argue that things are done differently in China and shareholders need to understand. Sorry, we now see that is just not true. Just last week China Fire’s (CFSG) management agreed to a buyout with Bain Capital. In that deal, we see a definitive partner in Bain and definite closing dates. On May 31, we witnessed 2 deals get done. The first was an investment into (YONG) from Morgan Stanley, a deal that posted with a firm closing date June 10, 2011. The next is taking private of Funtalk China Holdings (FTLK) by Fortress for cash.
Of course, Citron cannot validate that all of these deals will get closed. But lets look at the 3 key aspects that they all have.
1. There is definitive funding.
2. There is a definitive partner.
3. There is a definitive timeline.
With these 3 engagements from strong suitors on the table, Harbin Electric shareholders are obligated to look at their promise ring with wonder, doubting if it is nothing more than a cubic zirconium.
The overarching issue that defines HRBN as a complete outlier in these private equity transactions is the purported price of the deal. All of the above stock transactions are priced relative to a trading range for the stock. The most real of the above deal appears to be FTLK which is being acquired for $7.20 a share, a midpoint of where it has traded over the past 52 weeks.
At $24, the HRBN buyout promise is a price the stock has seen only on three brief visits during its entire trading history – once in 2007, and the others after the deal was announced. Other than that, there is zero credibility to this price – it is simply made up.
After all, their last quarter results reflected a disastrous compression of margins that would have sent a normal stock reeling lower, especially considering the debt load of the company.
What are They Hiding?
Beyond the alleged unstated liabilities and lower revenue numbers, Harbin is a business without much sizzle. HRBN was a reverse merger which has rolled up various electric motor manufacturers, is the primary operator of a large, antiquated, formerly state-owned electric motor manufacturing facility. The company has burned over $90 million in cash, and would require a huge new capital investment to reach a tenable position in the current intensely competitive landscape. Their 40-year-old factory, which makes small motor parts, appears to be everything but state of the art.
So, let’s assume for a moment that the buyout offer is not real, and cannot be consummated. Why does the company find it necessary to keep this crutch? It is the opinion of Citron that without the buyout offer, this stock could see single digits as investors realize they own a piece of China’s past, and not its future. As long as the CEO can continue to put out press releases of advisory committees and 8-K filings alluding to “wink wink” conversations with analysts, the charade will continue.
Note to Harbin management: If you are serious about buying the company, then take the ridiculous $24 price off the table, let the stock trade freely, and only then go in and buy it at a significantly discounted price to today’s offer … then maybe you can get your financing and gain some credibility with Wall Street and your bank financeers.
Bottom Line
If HRBN couldn’t secure financing when the story was good, how can they do it now?
Harbin and the Chinese RTO space is no longer hot nor sexy. In fact, it is toxic. Harbin operates an old world manufacturing plant, producing largely commodity products at slim margins, with rapidly escalating prices for materials and labor. And of course this was BEFORE the SEC task force on China RTO’s, before the halts, when it seemed like a good idea to take it private. It is Citron’s opinion that investors had better ask themselves what this stock is worth without the buyout offer.
The Company’s Response
We can predict it now. The company is sure to respond with a PR insisting its “special committee” is continuing its work to further the proposal. Or maybe we will read about a formal offer made by the CEO “contingent on certain financing”…. We can even read of a fancy law firm or investment bank that has been hired to move this proposal along. Not to mention, we will likely read about the evil short sellers who are out to “get the company” … IT IS ALL WORTHLESS RHETORIC! There is only one thing the company can do at this point …SHOW US THE MONEY AND CLOSE THE DEAL!
Anything short of a definitive closing is a disappointment and worse, it is a sham. It is the opinion of Citron that this deal will not close – not at $24, and not at a price above half of $24.
Cautious investing to all.
http://www.citronresearch.com/
You have more more patient than I would have been.
I am not going to get into it, but that is simply not true.
Yep, right here, I quoted you a lot.
http://www.mystockbuddy.com/forum/penny_pics/3885-saei_scam.html
No, I posted this (below) on another forum a year ago about SNRS, It was in a thread about the THRR scam.
http://www.mystockbuddy.com/forum/00x_000x_plays/2861-thrr_thresher_ind_scam_alert-3.html#post77346
and here is where I just copied your SNRS post to
http://www.mystockbuddy.com/forum/00x_000x_plays/2861-thrr_thresher_ind_scam_alert-4.html#post115035
Agreed, thanks nodummy, I copied your info to another forum (giving you credit of course) where I first posted about the scam a year ago.
Ouch 58-10= 48 points, by far my lowest performance this season
1223 is my new total I think.
I personally talked to the Transfer Agent several times last week and she called the DTC who confirmed that there are NO issues with them. Its Penson Financial that does the clearing for Zecco who has the issue. All the large brokers are allowing trading with no problems. Scottrade, TDAmeritrade, Etrade, Fidelity have no problems. You can actually use Zecco, but you have to call them and they are charging crazy fees. For the time being I have decided to leave my shares in my Zecco accounts since I am not selling, meanwhile I am hoping that they get it straight by the time I consider selling one day at .10 LOL
EDIT: I am seeing ads for Lightspeed trading here on Ihub, they clear with Penson as well so they are not a good choice for anyone who wants to purchase CPRKQ
The AGM video is now live on the TV website at www.tvipacific.com in the Investor Section under "videos".
http://www.tvipacific.com/Investors/Videos/default.aspx
The AGM video is now live on the TV website at www.tvipacific.com in the Investor Section under "videos".
http://www.tvipacific.com/Investors/Videos/default.aspx
18, 48, 99 I really feel like I should pick the 14 for the race, but cant decide which one I would replace for him. lol
The National Anthem is a really difficult song and you did an amazing job. Thanks for sharing Gail.
Nice finish today, .0021 makes my accounts look much better for the long weekend.
TVI Pacific Announces the Results of Its Annual & Special Meeting of Shareholders
CALGARY, ALBERTA -- (MARKET WIRE) -- 05/27/11 -- TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or the "Company") announces that shareholders approved all resolutions brought before them at the Annual & Special Meeting of Shareholders held on May 26, 2011. A total of 194,630,014 shares were represented in person or by proxy at the meeting, representing approximately 31.31% of the Company's outstanding shares.
PricewaterhouseCoopers LLP was re-appointed as the external auditor of TVI and will hold office until the next annual meeting at such remuneration as may be determined by the directors of the Company. Approximately 93.10% of the votes cast supported the appointment of the auditors, while 6.90% were withheld.
Shareholders also approved fixing the number of directors to be elected at the meeting to eight. Of the votes cast, 91.78% were in favour of the resolution, while 8.22% were against.
In addition, shareholders approved a special resolution respecting an amendment of the Company's articles. The resolution allows for the appointment of additional directors between annual meetings, providing that the number of additional directors shall not, at any time, exceed one-third of the number of directors who held office at the expiration of the last annual meeting of the Company. 88.98% of the votes cast supported the resolution, while 11.02% were against.
The following Board members stood for election and were duly re-elected: Clifford M. James, Robert C. Armstrong, C. Brian Cramm, Jan R. Horejsi, and Peter C.G. Richards. In addition, nominees David Moscovitz, Wayne G. Thomson and Aloysius B. Colayco were elected to Board. These Directors will hold office until the next TVI annual meeting. Of the votes cast, 89.88% were in favour of the election of the directors, while 10.12% were withheld.
Mr. Moscovitz is a lawyer and consultant at Fraser Milner Casgrain LLP with over 30 years of extensive experience in acquisitions, divestments, dispositions, financings, joint ventures and other general business law. Prior to this, he was a Lawyer and Partner at Goodman and Carr LLP.
Mr. Thomson currently serves as a Director for Cenovus Energy Inc. and Orion Oil and Gas Corp. and is the Chairman and President of EnviroValve Inc. Previously, Mr. Thomson was President of Hadrian Energy Corp. and Gardiner Oil and Gas Limited, both public companies listed on the Toronto Stock Exchange. Prior to these appointments, Mr. Thomson held the role of President of Petrocorp Exploration and spent the previous six years at the Alberta Energy Company. Mr. Thomson holds a BSc. in engineering.
Mr. Colayco is Managing Director of Argosy Partners, Inc., a private investment and advisory firm, and a Senior Partner of Argosy Advisors, Inc. He also serves as President for Level Up! Holdings, Country Chairman for Jardine Matheson, Philippines, Member of the JM Asia Pacific Regional Board, Chairman for Republic Cement (an affiliate of Lafarge), Chairman for Colliers Philippines, Member of the Advisory Board for JG Summit Holdings, Inc. and Senior Advisor for Asia Strategic Capital Fund and Asia Environmental Partners Fund.
For shareholders who were not able to attend the meeting, a video of the presentation will be available on TVI's website at TVI Pacific Inc. - Home in the coming days.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
TVI Pacific Announces the Results of Its Annual & Special Meeting of Shareholders
CALGARY, ALBERTA -- (MARKET WIRE) -- 05/27/11 -- TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or the "Company") announces that shareholders approved all resolutions brought before them at the Annual & Special Meeting of Shareholders held on May 26, 2011. A total of 194,630,014 shares were represented in person or by proxy at the meeting, representing approximately 31.31% of the Company's outstanding shares.
PricewaterhouseCoopers LLP was re-appointed as the external auditor of TVI and will hold office until the next annual meeting at such remuneration as may be determined by the directors of the Company. Approximately 93.10% of the votes cast supported the appointment of the auditors, while 6.90% were withheld.
Shareholders also approved fixing the number of directors to be elected at the meeting to eight. Of the votes cast, 91.78% were in favour of the resolution, while 8.22% were against.
In addition, shareholders approved a special resolution respecting an amendment of the Company's articles. The resolution allows for the appointment of additional directors between annual meetings, providing that the number of additional directors shall not, at any time, exceed one-third of the number of directors who held office at the expiration of the last annual meeting of the Company. 88.98% of the votes cast supported the resolution, while 11.02% were against.
The following Board members stood for election and were duly re-elected: Clifford M. James, Robert C. Armstrong, C. Brian Cramm, Jan R. Horejsi, and Peter C.G. Richards. In addition, nominees David Moscovitz, Wayne G. Thomson and Aloysius B. Colayco were elected to Board. These Directors will hold office until the next TVI annual meeting. Of the votes cast, 89.88% were in favour of the election of the directors, while 10.12% were withheld.
Mr. Moscovitz is a lawyer and consultant at Fraser Milner Casgrain LLP with over 30 years of extensive experience in acquisitions, divestments, dispositions, financings, joint ventures and other general business law. Prior to this, he was a Lawyer and Partner at Goodman and Carr LLP.
Mr. Thomson currently serves as a Director for Cenovus Energy Inc. and Orion Oil and Gas Corp. and is the Chairman and President of EnviroValve Inc. Previously, Mr. Thomson was President of Hadrian Energy Corp. and Gardiner Oil and Gas Limited, both public companies listed on the Toronto Stock Exchange. Prior to these appointments, Mr. Thomson held the role of President of Petrocorp Exploration and spent the previous six years at the Alberta Energy Company. Mr. Thomson holds a BSc. in engineering.
Mr. Colayco is Managing Director of Argosy Partners, Inc., a private investment and advisory firm, and a Senior Partner of Argosy Advisors, Inc. He also serves as President for Level Up! Holdings, Country Chairman for Jardine Matheson, Philippines, Member of the JM Asia Pacific Regional Board, Chairman for Republic Cement (an affiliate of Lafarge), Chairman for Colliers Philippines, Member of the Advisory Board for JG Summit Holdings, Inc. and Senior Advisor for Asia Strategic Capital Fund and Asia Environmental Partners Fund.
For shareholders who were not able to attend the meeting, a video of the presentation will be available on TVI's website at TVI Pacific Inc. - Home in the coming days.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
It is showing at .002, the bid is .0019
Wow, that chart looks like massive dilution to me.