We note the circular produced today by the company that was submitted along with the agreed date to hold the second EGM.
Much of the circular was as previously issued and little has changed with company since the initial EGM request, apart from the Professor converting some debt to shares and the appointment of a consultant/NED. Mr Bird has interesting credentials, though whether he is the type of guy to get out to Finland on a long-term basis is a moot point, and consultants are notoriously expensive.
Which brings us to the issue of cash or the lack of it in the company accounts. The circular states we do not have plans and cash, ironically that is exactly what shareholders have been looking for from the existing board. Had those two items been in abundance there would not need to an EGM.
Our website outlines the details for these 2 points.
Additionally, we have recently posted a more detailed review of Lahtojoki as the company has never released the full PEA document that was completed in house. Shareholders are being kept in the dark and do not take kindly to that, hence our desire to make things more transparent. Should we get control transparency will become a feature of the company's operating methodology.
Only 2.1% shareholders that are not part of the board or Martello voted against the resolutions last time, suggesting that the previous circular by the company had very little impact.
Much of the circular is scaremongering regarding the risk of new directors resulting in Aim suspension.
This is absolute rubbish, the proposed new directors have all been through Due Diligence and presentations on AIM rules, market abuse etc carried out by Allenby Capital (the nomad).
The second EGM is not vexatious as the company claim, it has been called as the proxy voting system through Crest did not work correctly for some Nominee brokers. An improved method for voting will be set out shortly on this website that will guarantee all votes are counted.