Business
Staccato Gold Resources shareholder requisitions meeting of the shareholders to elect a new Board of Directors
Staccato Gold Resources shareholder requisitions meeting of the shareholders to elect a new Board...
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[{"type":"text","content":"\n\n\n\nJan. 22, 2010 (Canada NewsWire Group) -- TORONTO, Jan. 22 /CNW/ -- Augen Capital Corp. (\"Augen\" or the \"Concerned Shareholder\") (TSXV: AUG) an owner of more than 6.2 million shares or over 6% of Staccato Gold Resources Ltd. (\"Staccato\" or the \"Company\") (TSXV: CAT) today announced that it has requisitioned the Board of Directors of Staccato to call a meeting of the shareholders of Staccato (the \"Meeting\") for the purpose of replacing the current Board of Directors (the \"Current Board\") of Staccato with nominees to be proposed by the Concerned Shareholder.The Concerned Shareholder has received expressions of support from certain institutional investors holding a significant portion of the Staccato's shares as well as Donald Decker, M. Geo., a professional geologist with more than 30 years of successful mineral exploration experience and a former Director of the Company, who has entered into an agreement with the Concerned Shareholder to vote his shares in support of replacing the Current Board with those nominees proposed by the Concerned Shareholder. Mr. Decker has a direct and indirect interest in approximately 6 million shares or 6% of Staccato. In 2005, Mr. Decker, who is familiar with the Company's current property portfolio, sold the majority of the South Eureka Property to Staccato.\"I am very pleased that Augen has identified this opportunity and I am confident that their vision, expertise and strategies will best leverage Staccato's assets and strengths to provide all shareholders with improved value in their investment,\" noted Donald Decker.The Concerned Shareholder is calling for much-needed change to the direction of Staccato as it believes the Current Board has overseen significant destruction of shareholder value and has undermined market confidence in the Company through poor exploration results: a lack of progress in advancing the principal project including the failure to progress expeditiously in dealing with the technical issues concerning the resource estimate, and a lack of direction and conviction in reviewing and advancing other attractive asset opportunities.The common shares of Staccato have continuously underperformed those of its peer group in generating returns for its shareholders. The one and three-year investment rates of return at Staccato amount to a 20% gain and an 82% loss, ...