"Tye Burt has kept a low profile since being fired by Kinross Gold Corp. at the beginning of August. Likewise, Ian Delaney has been quiet since he retired from Sherritt International Corp. last December. Now both of them have surfaced in a heated proxy battle for control of a junior mining company.
Mr. Burt and Mr. Delaney are part of a dissident slate of directors nominated by investor Goodwood Inc., which is trying to overhaul the board of Dacha Strategic Metals Inc.
Dacha has a consulting contract with Forbes & Manhattan, a resource conglomerate run by entrepreneur Stan Bharti. Forbes receives base fees of $25,000 per month from Dacha and would receive significant payments if the contract was terminated following a change of control. Total compensation to Mr. Bharti this year amounts to $1.1-million, including payments to Forbes & Manhattan, according to the circular.
Mr. Bharti is currently executive chairman, but will not run again in the proxy contest. He is being replaced with Jim Rogers, an outspoken investor in the resource space.
|Our boyo Mark continues to beat this dead mule and yes indeed a body needs industrial sized excavation equipment to wade through the Bharti feifdom at all.|
Bottom line is Mr. Bharti has proven where his stakeholders stand in the grand scheme of things, and should a public dope ignore it they deserve what they get.
The Exchange conducted an issue specific review on the Company and concluded that non-arm's length transactions commencing August 2009 failed to comply with Exchange Policies requiring timely press release disclosure and Exchange notification for non-arm's length party transactions. To address past deficiencies in the corporate governance practices applied and to ensure the Company appropriately deals with non-arm's length transactions according to TSX Venture Exchange Policy going forward, the Company has implemented a Code of Business Conduct and Ethics and a Corporate Disclosure Policy.
So be warned (again) citizens. Pffft. And Mark, geeze dude, tie off that running mouth every now and then. Your insults make you sound like a child. If anybody had the means and motive to sue yer loud buttock it would be the poohbah here.