|So today's bad news at FMC.to is all about a strike ... |
FORBES COAL REPORTS LABOUR DISRUPTION
Commencing at the beginning of the day shift on Oct. 17, 2012, some of the employees at Forbes and Manhattan Coal Corp.'s Magdalena and Aviemore underground mines have commenced peaceful strike action.
UPDATE - October 16, 2012. - Redux
|No doubt feeling the extreme heat from the court of public opinion, as well as feeling the effects of cutting one's nose off to spite the completely dopey face, the powers that be at Forbes and Manhattan Coal Corp (FMC.to) have folded 3 seats on the BoD to the opposition ... "FORBES & MANHATTAN COAL ANNOUNCES NEW BOARD COMPOSITION|
Forbes and Manhattan Coal Corp. has implemented an amicable reconstitution of its board of directors following discussions between the company and Resource Capital Fund V LP (RCF), one of Forbes Coal's major shareholders.
As a result of these discussions, Forbes Coal's board has been reconstituted, as follows: Stephan Theron, Stan Bharti, Bernard Wilson, Ryan Bennett, Mike Price, John Dreyer and Craig Wiggill."
Serious backtracking aside (again) has anything really changed with F&M? Probably not. Once this extreme storm of public disgust blows over it will be back to business as usual this observer thinks.
Damage to the F&M reputation, and plenty of it, has been done.
|Take a bow gentlemen and is it not obvious that everyone KNOWS who the actual power is behind the straw men/nominees? |
"there's a lot of leverage in Aberdeen" (8/11/10) Aberdeen International Inc. - The Gold Report Interview with Stan Bharti" http://www.theenergyreport.com/pub/htdocs/expert.html?id=2642
Gotta agree with that assessment 100% Mr. Bharti ...
UPDATE - October 15, 2012.
As we look further into those amazing Bharti ethics, the shenanigans at Forbes and Manhattan Coal Corp (FMC.to) come into sickening focus.
"EXECUTIVE CHAIRMAN OF FORBES AND MANHATTAN COAL CORP. DISALLOWS PROXY VOTES SUPPORTING THE CONCERNED SHAREHOLDERS AT ANNUAL GENERAL MEETING
Forbes and Manhattan Coal Corp. held its annual general meeting Sept. 17, 2012, and the executive chairman, Stan Bharti, disallowed proxy votes that supported the concerned shareholders' board nominees by an overwhelming majority.
| As a result of the technical invalidation of proxy votes which the concerned shareholders (Resource Capital Fund V LP, Terrafirma Securities Holdings LLC. and Skye Alba Pty. Ltd.) believe is improper, management's slate of directors was purportedly elected. This means the key issues of a lack of transparency and poor corporate governance at the company will not be addressed. It is disappointing the executive chairman failed to listen to the voice of the shareholders, and this has resulted in the purported election of an entrenched captive board."|
Can one be faulted for assuming Mr. Bharti acts in his own interests exclusively and NOT those of his constituents? These are hardly isolated incidents and the inference is clear. If a body judges a deal by it's management, the F&M group has conclusively demonstrated to everyone what regard it pays to fiduciary responsibility. Zero.
It is interesting that this BoD, until proven otherwise, has no moral authority to "do" a damn thing. (including collect a salary). In a very real sense they should not be occupying those offices at all ... and that point appears to need a Supreme Court judge for clarity.
"He believes in finding the best people to run his companies. He guides CEOs and Presidents but encourages them to run their businesses on their own and do their own thing. He doesn’t waste time on long formal meetings but is more spontaneous in his approach. His group has a strong comradery. Stan encourages all of his people to have fun while working, to have excellent results, to be successful and reap large financial rewards."
|The unsung hero to the masses and wicked ongoing thorn in Bharti buttock has been Otto Man over at Incakolanews. It may have been Otto's outraged sputum that was picked up on BNN and thereafter by the Financial Post.|
This time Otto Man has tracked the results of the SUE.t AGM and yes indeed Otto Man, how the flying fuk can a chief public company dog who pulls down multi-millions get installed with more votes against than for?
It truly does beg the question ... could my dog and his anus have gotten elected to the SUE board had I simply started a proxy fight in time? Chit.
|In the case of Sulliden Gold ... "on the advice of its three-person compensation committee, has just put in place a so-called “milestone-based bonus plan” that could pay a group of insiders and consultants at least $17.1-million over the next three years. "|
“It’s egregious. It sets a terrible precedent for others in the mining industry, given that the industry needs foreign investors to fund the projects,” said one fund manager whose fund doesn’t own the shares ..."
“Good corporate governance attracts investors and what we have here is awful corporate governance,” added the fund manager, noting some of the elements of the nine-point milestone bonus plan “amount to nothing more than the executives doing their job. They are already getting paid to do that.”
"While the milestone bonus will put cash in the jeans of the insiders, the insiders didn’t feature too badly for the 12 months ended April 30, 2012: six of them received payments for options and incentive plans of $6.372-million."
For bloody shame Mr. Bharti. Tsk Tsk Tsk.