Buried at the bottom of the quarterly numbers was the following. I want to put it in quotation marks so no one is confused by how "management" takes care of their loyal shareholders.
"In August 2010, the Special Committee of the board authorized the Company to enter into a written consulting contract with each of the Interim CEO & CFO and the Senior Vice President Exploration. In the Case of the Interim CEO & CFO, the contract provides that upon a change of control, the executive can terminate the contract within 30 days of the occurrence of the change of control, on one month's written notice. In that event, the existing severance payment of 18 months' fees will then be due."
In other words, after 73% of voting shareholders voted to dump the existing "management" team, the Directors gave the newly fired interim CEO 18 months pay. I suppose for doing such a brilliant job.
I went to their home page to reread the press release and something caught my eye.
Phoenix Investment Conference &
Silver Summit - February 4 & 5, 2010
PDAC Convention, Toronto March 7-10,
2010 See us at Booth #3139
World Resource Investment Conference
- Vancouver -June 6 & 7, 2010
It sounds to me like Mr. Serin has a busy 2009 ahead of him and the Directors of EUROscrew know how to reward shareholders. Since the August 31 announcement, shares are down another 17%. Good job guys. Isn't it time to announce handing out a bunch of options for your incredible performance?
If I were a director of a deadbeat corporation like this that is taking actions so totally against the interests of shareholders, I wouldn't resign even though that would be the right thing to do.
I'd shoot myself. This is embarrassing. Can these clowns possibly do any more damage to shareholders than they already have?
Obviously I wouldn't allow her to do that, it's not right... a grandmother talking like a former-Marine, but she is more pissed off than a bunch of Mexican immigrants trying to get the fly poop out of a ton of ground black pepper.
Currently this is a company with no past, no present and no future.
EurOmax Resources Ltd