The saga at EurOmax is going to go down in the record books as probably the most blatant misuse of corporate funds I have ever heard of. "Management" keeps putting out whining press releases about how they aren't really responsible for anything. Everything in life from global warming to lack of peace in the Middle East is somehow the responsibility of Anthony Patriarco, not them.
The guy sounds like some kind of Superman, he sells $214,000 worth of his stock that he paid for and the company market cap drops from $66 million to $12 million and he did it all by himself. I know he has to be Superman because at the same time he was selling I bought twice as much and I didn't make it go up.
A vote was held prior to the annual meeting on August 24th, 2010. I'm told the vote was 73% for the dissident group of directors and 27% for "management." Robert Power running the meeting didn't like the vote so he refused to acknowledge it. Apparently Chris Serin didn't even attend the meeting.
I would bet money that "management" spent over $500,000 just to retain their position. I have bet money because all of what was spent was shareholder money that shareholders wanted to be spent advancing projects.
When I wrote my piece about EOX in October of 2009 I titled it, "A Surfeit of Riches." I meant exactly that. They have an "excess," a "surplus," a "glut" of projects. They have far more world-class projects than they can cope with. Management at the time was trying to collect as many good projects as they could but they couldn't advance them in any logical manner. No one in the company had or has any idea of the direction they should be going. They are simply spending money in the faint hope that someday the stock price will go up.
The stock price isn't going up, it's been in a tailspin for a year because there is no direction, no purpose, and no focus. "Management" can whine all they want about how good they are and how bad Anthony Patriarco is but they can't even count votes or even update their website.
If you are a shareholder, you have been abused. I highly suggest you contact management and ask them some basic questions such as
EurOmax Resources Ltd