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Shareholders ask Toronto Stock Exchange to monitor Guyana Goldfields
A group of “concerned shareholders” has approached the Toronto Stock Exchange (TSX) asking the agency to look out for signs of entrenchment, shareholder dilution or attempts to structure around regulatory shareholder approval requirements in any proposal made by Guyana Goldfields Inc.
Making the request are Northfield Capital Corporation’s Robert Cudney, Donald Ross, Gretchen Ross, and Patrick Sheridan. Together, they own not less than five percent of Guyana Goldfield which is based in Canada.
The shareholders had revealed to the media that Guyana Goldfields lost over CDN$1 billion in value since 2016 because of the Board’s operational failures, irresponsible actions and risky decisions.
The shareholders said, “To add insult to injury, while shareholders have lost over 80% of their investment since 2016, the Board has continued to reward itself handsomely and has offered no plan to turn things around…
“The Board has demonstrated an inability to stop the freefall of the Company’s share price. Enough is enough,” said Mr. Sheridan.
“We ask that the Board promptly set a meeting date and allow Guyana Goldfields’ shareholders the opportunity to determine the appropriate stewards of their company and save their investment.”
In its letter to the Toronto Exchange, the Group said, “Until after a meeting is called and held and the direction of Guyana Goldfields Inc is rightly determined by its shareholders, the TSX should carefully monitor and review any acquisition, financing, issuance of securities, or other defensive tactics or potentially-dilutive transaction or series of transactions proposed by Guyana Goldfields Inc., and require that any such transaction or series of transactions be approved by shareholders as a condition of TSX’s consent, including with respect to any issuance of securities by Guyana in connection with such transaction or series of transactions.”
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