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PacificOre holder St. Germain supports Bakker for CEO

 

PacificOre holder St. Germain supports Bakker for CEO

2013-05-09 11:22 ET – Shareholder letter

An anonymous director of RJ & CS St. Germain Partnership Ltd. reports

TO ALL STOCKHOLDERS IN PACIFICORE MINING

As long-term stockholders with in excess of 1.3 million shares plus warrants, which together give us control of more than 1 per cent of the issued stock in PacificOre Mining Corp., the RJ & CS St. Germain Partnership Ltd., our family investment group, has been watching recent developments with considerable concern.

We were dismayed when the current board, following the resignation of the former chief executive officer, chose to cancel the annual general meeting without prior consultation with any major stockholder. In our opinion, this move was self-serving and intended solely to thwart the rights of all stockholders.

It is particularly painful to subsequently discover that apparently none of the directors, chosen and appointed by the previous CEO, have purchased a single share in the company. Instead, it appears that all have chosen to enrich themselves from “generous” director fees and stock options while failing to fulfill even minimum oversight responsibilities expected from the directorate of a public corporation.

To also discover how little of the funds generated in recent years from private placement investors like ourselves has been applied to the stated purpose, project exploration and development, is disheartening especially when we are well aware that the in-ground assets are world class and hold potential value far in excess of even the highest valuation given to date by the market. In fact, rather than reflecting any of the fundamental value of those underlying assets, the price for the company’s stock over these past two years has been languishing at its lowest trading range ever.

It is inexcusable that the current board has allowed this situation to develop without intervention. For those same directors to be now resisting the clear wishes of an overwhelming majority of stockholders and refusing to step aside is unconscionable. PacificOre Mining, now more than ever, needs the unreserved commitment and attention from a new slate of directors with the acumen, fundraising abilities and contacts, along with the executive skills required to plan and monitor the development and commercial exploitation of the company’s projects and guide them diligently into production.

The team proposed by the dissident shareholder group meets these criteria in all respects. It is our recommendation to other shareholders that they give their full support to the nominees and demand that the current board resign their positions immediately and cease frustrating the true owners of the company with their intransigent and deliberate attempts to delay the AGM and postpone the inevitable.

We are familiar with the qualifications of the nominees and have absolute confidence in the proposed appointment of Adriaan Bakker as our chief executive officer. With his background knowledge of the company and the projects, in addition to close contacts with existing shareholder groups as well as the groundwork he has already laid with potential sources of major funding, Mr. Bakker has earned our full support.

Stockholders, as the rightful owners of the company, have a responsibility and an urgent obligation to demand that the present board of directors sets the earliest possible date for the AGM and gives us the opportunity to vote our shares as required by law. Please let your wishes be known now.

 

 

 

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