Sierra Resource Group Inc. (fka SIRG)

[thizsukz]

Let's try this one again since Actuate feels that this is "off topic" and feels that disseminating factual and correct information is off topic.


This is in direct response to Actuate's claim that voters holding less than 10% of Sierra Resource Group (SIRG) do not get to vote.

From post 14288 by Actuate
"Can you tell me exactly how many shareholders own at least 10% of the company? Those are the only people that get to vote according to the 10-K"

This statement is 100% and completely false.

If you continue reading their referenced paragraph it clearly says “The holders of ten (10%) percent of the shares entitled to vote at any meeting of stockholders, present in person or represented by proxy, shall constitute a quorum for the transaction...

In order for a vote to be valid you have to reach a quorum. Definition of a quorum from Wikipedia - A quorum is the minimum number of members of a deliberative assembly (a body that uses parliamentary procedure, such as a legislature) necessary to conduct the business of that group.). Not that it is a great amendment, but they are basically saying that if 10% of the shareholders vote than it is considered valid.

So the statement shareholders that own less than 10% of the available shares don't get to vote is 100% incorrect!!!