JRV 2.63% 18.5¢ jervois mining limited

the posse is in town

  1. 676 Posts.
    Looks like the word is getting around...
    from The Australian - Mining & Energy Section,
    http://www.theaustralian.news.com.au/story/0,25197,23258293-15023,00.html

    "YOU'VE got to hand it to the shareholders of mining minnow Jervois Mining. As a group, they represent a good study on what to do when you can't get a decent answer from the people you employ to run your company.

    After all, it is the shareholders who own the company and Jervois is no different.

    Anyway, it looks like there is a posse forming of Jervois shareholders who are peeved off enough to try and get a majority to call for an EGM and give some momentum to a company that owns one of Australia's biggest undeveloped nickel laterite plays, the Young Nickel Project in NSW.

    It will not be an easy task, given there are more than 2 billion shares on issue spread across 3321 shareholders, according to resources intelligence company Intierra.

    But they only need 100 shareholders to back them, or 5 per cent of the company's capital.

    They have told managing director Duncan Pursell and director Mel Leydin that they are sick and tired of the company’s poor performance over the past two years and that it is time to inject some fresh ideas into the board.

    “We feel the following items need to be addressed,” the posse says.

    1. Jervois Management must begin approaching local (Australian) mining companies as possible JV partners. Jervois must make an ASX release to state this intention and report bi-monthly on the status of this progress.

    2. That Jervois only approach Chinese steel/mining companies that actually have the capacity to fund a project the size of Young.

    3. Jervois finds a genuine replacement for Anthony Jannink, who has relevant experience in financing mining/mineral ventures, by the end of May.

    4. A strategy outlining how Jervois believes it will achieve these within the next 3 months.

    They don't want to boot Pursell off the board but add that, in their opinion, he needs some help to bring Young into production.

    Pursell and Leydin have three months to address the claims, or the EGM will be called and there's every chance the resolutions will be to replace them both.

    Daily Assay loves the way this bunch of shareholders has gone about getting some action. Nice, crisp, clear intentions in a game which they could easily have made very ugly.

    Pursell was gone for the day when we tried to get hold of him this afternoon.

    Maybe the lure of one-day cricket at the MCG was too great.

    Maybe he's out looking to shore up defences against the Jervois posse, or wheeling and dealing among the Melbourne mining elite to get the Young project off the ground.

    Maybe speaking to the media is not on his agenda at the moment.

    Or maybe he just needed the afternoon off."

    or maybe he's preping for that Chinese delegation mentioned in an earlier update - scheduled for Wednesday 27th - if I'm not mistaken.
    cheers
 
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