Allegedly the management team prior to the AGM extended the proverbial “Olive Branch” by offering up two seats on the Board of Directors to the Dissident Group as a compromise to the continuation of the ongoing battle.
Something to consider for those suggesting it is an offer worth accepting at this point...
The offering happened prior to the AGM and PRIOR to the Proxy vote.
Why is this important?
Even if at this point the Dissident Group would like to take Lori up on her offer they couldn’t without disregarding shareholders will and the legal democratic process afforded to the shareholders by Securities Law, that convincingly during that process had 91% of shareholders voting for the entire dissident group.
Nobody, not the Dissident Group, not Lori, not even the Securities Commission has the right to circumvent the will of the shareholders in a legal vote...only if that process has been conducted improperly can it be disregarded.
Now we all know that Lori has unilaterally decided that the vote was improper, claiming that the dissidents misled shareholders. We also know that this claim is being challenged.
My point however is...if you are angry that the democratic process has been disregarded along with your legal shareholders right to vote by Lori...if the Dissident group were to negotiate a backroom deal to accept 2 seats on the board at this point...you should be equally as angry as that too would go against the will of the shareholders who voted 91% in favour of 5 new Board members not 2...legally and democratically.
S.