Could someone spot a $20 so we can bump this another 90%. Thank you BOD where ever you arent
There is a possibility I may be able to attend. No guarantees!!!
I will be there. Not much of a note taker.
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Any updates from the shareholders meeting??
Three and a half hour meeting. Only four shareholders showed up. Everything in the Information Statement was voted passed at the meeting. The important vote, that was not part of the Information Statement, was a favorable vote to take the current 5% of Auryn stock and put it into a new separate private company with the current shareholders of record as the shareholders of the new company. The new BOD and their project will not affect our current ownership percentage in the 5% of Auryn. Any monies collected from dividends or sale of the 5% would be split up according to our current shareholdings.
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Not sure what to think given the fact that a few weeks ago I thought that CDCH was basically going to be a shell collecting on their 5% of Auryn anyway.
Can you clarify this point? Shareholders of record and those that hold certs vs beneficial shareholders which hold shares in street name. Why put the shares in a separate private company.
To avoid dilution as they proceed with their new tailings projects and most likely need to raise funds along the way. The new 5%-AMC-HOLDING-CO would be unaffected.
They must distribute shares of HOLDING-CO to all existing CDCH shareholders of record, whether cert or or beneficial (via brokers). There are interesting and annoying aspects to this:
For one thing, if I understand correctly, this is a non-public, i.e. private company. So it will not be easy to trade (illiquid) but it will be a U.S. company under some state law (Nevada?) as opposed to holding AMC directly. And you would receive all dividends or monies from sale of the AMC shares in your mail box essentially not via your broker.
Secondly, if there is any type of naked short position in CDCH, they will not be able to magically generate shares in the private company to distribute to the brokerage accounts of street-name share holders. So any such naked position really must be closed before the distribution, else it gets really weird / interesting to say the least. Will they use the record date of the AGM or declare another dividend record date?
Karl has speculated on this topic in the past in relation to MDMN and private AMC shares - but it looks like it is to be tested here instead in a slightly modified form. I personally am not expecting any major squeeze. But it is an interesting thought experiment.
chg
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did they give any type of new information re. AMC or their plans? Their announcement said there would be an update
Did the new BOD attend? What about the Old BOD? What about Les/Chapin or anyone else we might recognize?
Any info about Auryn project from Chile
No Auryn information. They do not know anymore than what is on the Auryn website at this point. I did get to see the Auryn Certificate No 11 in the name of Cerro Dorado Inc.
No need for CDCH Chile anymore, in fact according to Mr Yunge, Chile does not use DL 600’s. Apparently is was just a story and a way for JJ and Les to isolate the CDCH USA BOD. The neu BOD has no use for CDCH Chile.
The meeting was attended by Patrick Day, George Young, Jose Yunge, attorney Michael Labertew and four shareholders.
No Price or Chappin.
Cornhuskergolds post above summarises how the private company will protect us from dilution. The brokerages will decide whether they will past the dividends or monies through to the shareholders or whether they simply send your a certificate. It will depend on the brokerage. If you have a certificate the transfer agent will pay you.
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Oh, I almost forgot. Labertew and the Days have demanded JJ return 8 million of the 11 million shares he was paid as his debt settlement back in 2014. Another 2 million shares are to be turned over to MDMN.
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Thanks very much for sharing your info U S!
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Beautiful. As expected. Patrick Day is a stand up dude. Rare in these parts.
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Like I said. Stand up guy. Not only did JJ lose his fictitious 50% of CDCH but he’s also being asked to return bogus shares for bogus debt. Does anybody still doubt the caliber of the old guard that is now getting kicked to the curb? When legit players like Maurizio and George Young enter the fray the past shenanigans are " miraculously" exposed. Let’s hope for a similar fate with MDMN!
A truly nondilutable 5% in AMC along with a potential short squeeze, however remote, sounds good to me
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Usual, a huge thanks to you.
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Thanks again to you John for staying on top of things and leading the charge here over the past couple years. You’ve made a big difference whether people realize it or not.
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CHG, was there any discussion of a reverse split during the meeting? Any details?
I was not there. Usual Suspect was there and reported in an earlier post that all items proposed were approved, so I assume the answer is ‘yes’, as expected. Perhaps he will comment further.