Thursday, November 1, 2012

Otto Man attacks Stan Bharti again ... Update

Our friends at the Financial Post are doing it again and its all about recently mentioned Dacha Strategic Metals Inc.

"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.

"The IKN post at the beginning of October entitled " which IKN explains why you should never invest in a company run by Stan Bharti" made the point (I mean you want a clearer title than that?) and we're happy to say that it did have an effect on his self-serving scumball ways."

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.
TORONTO, ONTARIO--(Marketwire - June 21, 2012) - Dacha Strategic Metals Inc. ("Dacha" or the "Company") (TSX VENTURE:DSM)(OTCQX:DCHAF) is issuing this press release at the request of TSX Venture Exchange (the "Exchange") to provide information regarding the convertible loan it issued to Forbes & Manhattan Asset Management Corporation ("FMAMCo"), a related party, for up to C$3,500,000 during the fiscal year ended March 31, 2010. The Company loaned FMAMCo $3,056,118 and accrued interest of $647,732 on the loan. To date the Company has written off $2,056,118 of the principal amount of the loan as well as the interest receivable of $647,732. Further write-offs on the principal may occur. On May 15, 2012, FMAMCo advised the Company that it had conditionally sold the underlying business and all its subsidiaries including Monarch Wealth Corporation for $1,950,000.
The first payment of $750,000 will be applied to the subordination agreement with non-arm's length party, Forbes & Manhattan, Inc. (see press release dated March 1, 2012) and other FMAMCo liabilities. Although not completed at this time, FMAMCo and Dacha intend to enter into a release and assignment agreement irrevocably directing the remaining installment payments from this sale to Dacha. As a result Dacha expects to receive $1.2 million less certain contingent FMAMCo liabilities as repayment for this loan. Stan Bharti is a director of both Dacha and FMAMCo and Executive Chairman of Forbes & Manhattan, Inc. therefore, transactions between Dacha, FMAMCo and Forbes & Manhattan, Inc. are considered to be non-arm's length.

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.