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Special AGM or something

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niemand
Contributor
Got the letter last night and I must say, if these things (R2.6 mil on the company credit card, R11 mil to Rainey etc, flying oysters for wife from Knysna) are true. WEZ is better off without Solomon and Rainey.
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28 REPLIES 28
Plonky
Super Contributor
What letter are you referring to ?
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Mr_S
Super Contributor
I disagree, so what if he has a lavish lifestyle, if he has worked for it, then who cares? as long as my investment is growing! thats all im worried about. the new damn directors seem to jus have thier own interests at heart!
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djw
Regular Contributor
Mr S - how can you say that - this share has plummeted from around R15 to the present R2 - a drop in excess of 90% - that can hardly be called great management!!!!
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Mr_S
Super Contributor
yes, but then dont you have to look at the reasons for the drop? the platinum price dropped, the credit crisis, and the fact that investors were probably overly optimistic on the company's prospects in the begining. I mean really, what benefit is there for shareholders of the company is sold? i would have thought if it was able to come into production, a dramatic rise in the share price would be more beneficial to shareholders. are u saying the drop in the share price was completely the fault of management?
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Galuc
Super Contributor
Definitely management or should I say the lack of!!!
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topgun
Super Contributor
With the proviso that the allegations are indeed true, I completely agree that they should both go - Solomon and Rainey seem far more suited for cabinet posts. The extraordinary AGM on the 17 should produce fireworks...wonder if oysters will be on the menu?
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niemand
Contributor
Found this http://www.miningmx.com/news/platinum_group_metals/Wesizwe-is-being-hijacked.htm Seems like there is more going on than my initial understanding. Should be interesting on the 17th
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chas
Regular Contributor
A bit like the bankers bonuses in the UK - bottom line the share price has plunged from R 15 to R2 massive fallout (yes I understand the credit crises ) - yet the managers are rewarding themelves for what? Shocking!
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Mr_S
Super Contributor
i completely and utterly take back everything i have said. this after i have studied the documents sent to be about the dealings of Reinly n solomon! shocking. but one thing i did note, is that the previous board seems to be more experienced and qualified that the new one. hmmm.. to be honest, i dont want the company to be sold off.
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djw
Regular Contributor
Also look at the date for the meeting - 17th Dec - Day after the public holiday and when most people are on leave. Sounds like a really fishy date - trying to push something negative through with the least shareholders outcry
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_nova
Super Contributor
If Tengawarima's allegations are even remotely true, then there is fraud, plain and simple. The question here is: Has the present board started legal proceedings, and do they have proof to back these allegations? If "yes" then Solomon and Rainey better have rock solid alibi's or they're heading for jail, and if "no" then Musa Capital are indeed trying to hijack WEZ and there is serious underhandedness going on which is going to really hurt minority shareholders. The problem here is trying to get any kind of answer to this from WEZ shareholder relations... and that poses a question around the allegations in itself. The only clarity here is that neither side in this affair is currently being open or honest!
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SimonPB
Valued Contributor
question is .. are any of you share holders going to the EGM on the 17th ??
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_nova
Super Contributor
that's just it, I can't make the meeting and trying to figure out which way to vote. By the way Simon? Will OST be attending? Can I pass proxy to OST? Who can I contact as I'm pretty miffed by this whole affair!
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SimonPB
Valued Contributor
it may be too late for a proxy, not sure of the deadline .. speak to my call center ..
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_nova
Super Contributor
Thanks Simon, will do so. Yes I'm probably too late as I think there's a 48 hour deadline. If Tengawarima's allegations hold any truth then I'm thoroughly disgusted with the former directors and they deserve to be prosecuted for fraud! Frankly, I think I'm going to cancel my appointments and get on a plane and attend the meeting anyway!
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djw
Regular Contributor
Where is the meeting been held?
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_nova
Super Contributor
Simon,here's my problem: Nyasha Tengawarima makes some very serious allegations, in particular points 11 and 12 under his "specific issues". The point here is that any prima facie proof of these allegations MUST be presented at the EGM as it will materially affect shareholders votes. I cannot submit a proxy vote until I'm certain that this is what he intends to do. The nearest that his letter gets is "I urger shareholders to reject the proposed reconstitution of the Board" and that simply will not do as I cannot vote on the basis of an allegation. The point is that I've sent communication direct to Wesizwe and Nyasha Tengawarima requesting clarity on whether he will be backing these allegations with proof. I'm awaiting a reply. Notwithstanding this, if indeed there is any proof of these allegations then Messrs Solomon and Rainey are by default unfit to be re-elected and the EGM could turn into a pandemonious affray to say the least!
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_nova
Super Contributor
10:00, Thu 17 Dec 09, Sandton Convention Centre, Maude St, Sandton. If you're a shareholder, make sure you're there as this one is going to determine whether you lose your shirt, or not!
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SimonPB
Valued Contributor
thinks I will go along, I am not a share holder so they will probably bar me from entering .. but still could be fun ..
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