Re: IGD Financials/ MD&A
in response to
by
posted on
Nov 30, 2013 06:21PM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
The idea of the small claims court action in Canada is great for smaller investors that have had around $1-$25 grand invested initially in SLI, and IGD as well.
In this post, I would like to deal with the IGD aspect , whereas it is directly connected to the SLI BOD, whereas both BOD,s are comprised of most of the same individuals. Investors must understand that in matters such as these, that the whole BOD is responsible and can be held accountable, not just one officer of the company. Also, the BOD can be taken to court individually, whereas they always had a choice to agree or disagree with the majority of the BOD. If it is documented that a certain director voted against some action that may be against shareholders best interests, or even illegal, it does not fully protect them, but may mitigate any future disciplinary/legal action. For instance, if a director knew something may be questionable/illegal, and did not alert authorities, even though that individual directors consent was not given, they may still be prosecuted under several other provisions of written law, as well as be held accountable to individual investors that wish to persue litigation against them in a court of law. I will take this another step further, in an opportunity to show how even individuals of the regulators can be held accountable and can be sued individually by not upholding the law nor informing the proper authorities, by the powers or duties vested in them. The same could go for your government reps that did not act on information provided to them, they can be sued in small claims courts as well as the bigger courts, because of at least one form of negligence, and perhaps under many forms or provisions of respectible laws or acts.
I would suggest that anyone considering persuing legal action at this time in any form, to keep as many options open to you as possible, whereas there are numerous courses of action here, that may allow you to pursue many individuals as well as the owners of the TSX, employees and governing committees of the other regulators. To see non action by U.S. regulators, will also bring them into play. The Canadian investors with losses over $25,000 may wish to take several courses of more complicated action/s as well as several small claims.(a joint effort by hundreds, or perhaps 1000,s of investors, would be under a class action suit against the ones responsible for security of the markets, this may be undoubtedly in the billions of dollars, the longer this goes on) Keep track of all expenditures, interest, personal harm, connected losses,etc, to this investment from the time forward that the first letters of concern started going out to authorities. Contrary to what many may think, letters were going out to authorities well before the all time high of the stockprice of $2.83 in Oct 2011, and this date should be considered a reference for any valuation of loss. It is stated that the market is risky, but it also states that thier is security and protection of investors in the market as well, a part of investors responsibility to that security is being prudent, proactive and informed, of which all of the above, we have exercised and incorporated in our being sophisticated investors, perhaps a little too sophisticated for the markets, :). (note: even though some previous investors may have sold, you are still quite eligible to proceed with any future legal action, under the procurement that your protection/security by regulators was in deep question, when there appeared to be non enforcement upon reasonable evidence, this in turn diminished your confidence in the market which is contradictory to statements made in respect to regulators mission and duty to investors. Although you may have mitigated your own risk by selling,you are still entitled to the security that is supposedly upheld by the authorities that where it was not present, caused others to sell also, lowering the value you received for your shares upon sale. there is much more to this, but will come at another time, if needed, or consultation with legal council or even on line lawyers, can give you many other good arguments.)
I cannot see how investors gave their approval of the TTAGIT aquisition, it appears it was a requirement, and appears that it later satisfied the TSX that it was approved. The problem with this, and if you look below, how did IGD get shareholder approval in about a week? And to my knowledge, no shareholders ever received the opportunity to vote on this transaction. With the Executive combined holding just over 10% of the shares of IGD, there is no way possible that shareholder approval could be documented and accepted as only the need for the Executive to vote on the aquisition, the possibility existed that 90% may have voted against it? This is another case of "denied the right to vote", or the decision that our votes don,t count.
The TSX can be taken to task on this as well, whereas they have been previously informed of this irregularity, and no public address has been made in respect of disciplinary action. This is further endangering investors security, when non enforcement on blatant non compliant issues becomes common with a common neglector.
The TSX Venture Exchange has agreed not to withdraw its conditional acceptance of the Transaction, provided that the Company finalizes the filing statement and concurrently mails the final filing statement to its shareholders by November 28, 2012, and provided that the Company receives shareholder approval of the Transaction by December 5, 2012. The Company will provide further information and updates as the Transaction progresses.
Pursuant to an investment agreement between the Company and TTAGIT, dated November 14, 2012, Intigold agreed to purchase and TTAGIT agreed to sell a 51% interest, subject to a 2.5% royalty, in TTAGIT, in consideration of Intigold paying to TTAGIT the aggregate sum of $300,000 in cash and funding $500,000 for the development and marketing of TTAGIT over a 12 month period. The Company has now received shareholder and final Exchange acceptance to the Transaction.