This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mundoro Proxy Review Suggests Dissident Victory

VANCOUVER, Nov. 7, 2012 /CNW/ -

Dear Fellow Shareholders,

On August 27, 2012, Mundoro Capital Inc. (the "Company") held an Annual General and Special Meeting of Shareholders (the "Meeting").  The results of the Meeting, as announced by the chairman, were extremely close, with the exception of Management's plan to amend the articles to entrench the advanced notice policy, which was soundly defeated by the shareholders.

Prior to, during and following the Meeting, the concerned shareholders voiced strong and repeated concerns about the independence of the chairman of the Meeting, the conduct of Management and certain directors, as well as ultimately, the outcome of the Meeting itself.  These concerns were coupled with requests made to Management to review the proxies and other Meeting materials, which is a legal right of any shareholder.  Such efforts, all  in the direction of basic good governance and shareholder rights, were outright rejected by Management and the chairman, John Hoey.

After considerable delay, the concerned shareholders were finally provided with the Meeting materials (all be it with certain portions deleted) for review.  This review established exactly what we were concerned about: certain proxies had been counted in favour of Management that should not have been and that, in our opinion, upon a proper tally, the concerned shareholders had been successful on all accounts.

Faced with a vote count based on the concerned shareholders' review that would have yielded minority representation on the Board of Directors of the Company, Management refused to accept the revised vote.  Efforts to negotiate an alternate arrangement that could have been effected without a new shareholders meeting were delayed and ultimately rejected by Management and Mr. Hoey.  Mr. Allen Li, on behalf of the concerned shareholders made continuing efforts to meet with Mr. Hoey.  Mr. Hoey accepted these overtures to meet, but dragged this process out until he finally told Mr. Li that Management was not about to reconsider the vote count as announced by the chairman.

Having exhausted all efforts of negotiation, this leaves the concerned shareholders with two options; to either go to court and have a judge overturn the outcome of the Meeting by agreeing that Mr. Hoey's inclusion of certain votes were invalid or alternatively, for the concerned shareholders to put an end to their campaign.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs