Wow, that is some news if it is true. Quinn lives in London. At the shareholder meeting Ken told the shareholders that they had a group in London who wanted to invest $5 million in Dun Glen as soon as it showed it could produce gold. I am pretty sure that would be a group put together by Quinn. (With the price of gold and Brexit I've read that gold looks good to European investors). That is an example of what i meant when I said that URHG had done its job - it only needed Dana Low and Dun Glen to show a gold report of produced gold and they wold be good to go.
The three directors were Barker, Quinn, and Low. If Quinn had a group ready to go, and Barker and Quinn voted together, and this is a public company, I don't see how Low can "refuse to step down". Right, wrong, fair, or unfair, business is business and a public company is a company. When Barker and Capson became officers of URHG, Quinn and Low were still in place. If this is true, and I emphasize "if", then my best guess is this relates to their not being a gold report published.
At the shareholder meeting it was Low who told everyone he'd give it a month and that he would step down if Dun Glen did not produce. Strack showed the tour gold in the sluice. Quinn's investment group obviously wants a gold report. Barker, as President of URHG obviously wanted a gold report. Shareholders want a gold report. So if Dana did not have a report by last Friday, it would not be surprising if, as President of Dun Glen, Dana was being held accountable by Barker and Quinn.
But if DG cannot produce gold, they why is Dana refusing to quit? He told the S/H publicly that he would. Why would he want to take over the company? If your contact has the correct story, then it sounds like Dana Low is sort of blackmailing Barker and Quinn. And what is even more confusing is that if Low says he has Simplot's backing, was he telling the truth? And if it is true, why would Ted Simplot, who is also involved in his family business (the absolutely huge Simplot agribusiness corporation) risk its reputation by aiding a director of a penny stock who refuses to do what (I assume) the law would require, which is that if 2 out of 3 directors vote someone out, the guy is out?
I have trouble making sense of some of these actions. If this power struggle is true, it has some strange implications. My first thought was that the stock price will crash when people hear that there was a sort of coup d'etat. On the other hand, if Dana Low has no Dun Glen Gold report, but Simplot is backing him in this sort of takeover, then they must think the mine and/or URHG is actually very valuable. Maybe they want the stock to get cheaper and then buy up more of the shares and then suddenly publish a gold report. Or maybe the plan is to control Strack's plan to consolidate with other mines in the area into the URHG company which would definitely raise the stock value.
If true, it sounds like Barker and Quinn are honest operators working for the good of shareholders. It would also imply that Low lied to the shareholder meeting when he said he would quit in a month if DG couldn't produce. If your connections are right about this, I would think we are entitled to know about it. And if it is true that Low became the head honcho and this happened last Friday, he certainly should have gotten this news out on Friday. If he did not do that, and your friends are in possession of the information, then that might imply that he and others who hold a "Simplot card" would have an advantage when the market opens again. And if it isn't true that Simplot backed Low in what he did, then he needs to know that Low was using his name to refuse to accept what seems like a proper termination.
Still all of this is speculative on my part, and I sure don't have the whole story. I will check with a couple of other shareholders I know to see if they have heard anything. (Maybe I’m just the last guy to hear about it). I would hate to have an unsubstantiated rumor on a website cause anyone to be falsely accused of something and screw up the stock. If you learn any more, I ‘d like to see it. I apologize for the length of this reply, but this could be big news for the stock, one way or the other.
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