Dear shareholders of New Millennium Iron Corp.,
by the end of December of 2015 I wrote a long and detailed letter to the current management of NML and one further writing about the operating expenses accounting. Till now everything mentioned in my two writings to the current management got totally ignored and unanswered.
The main issues raised were:
- Why did NML conducted a “Normal Course Issuer Bid” and wasted money for that? UNANSWERED!
- What are capex costs of the DSO project regarding the news releases around the cash calls from TSMC? It is not clear wether it is C$ 719.5 million or C$ 1,698.3 million? UNANSWERED!
- Why was a production expansion for the DSO project necessary? Why wasn’t the management against the production expansion and used a veto? UNANSWERED!
- What production data for the operating costs for the DSO project can we expect to get announced by NML? UNANSWERED!
- Why was the Howse acquisition necessary and so expensive? Why wasn’t the management against the Howse acquisition and used a veto? UNANSWERED!
- Why was the additional port investment of C$ 38.4 million necessary? UNANSWERED!
- Where are the C$ 15.5 million not communicated operating expenses since 2011? UNANSWERED!
Can you believe that the current management is unable / incapable to give answers to all the open questions above since over two month? Do you like to have such a management working for you? It is a real shame for every management member of NML and it is nearly bordering on fraud that substantial information are unclear / not communicated to NMLs shareholders. The current management of NML never gets tired of pointing out that they have such an extraordinary experience and expertise in the mining sector (200+ years) and the dissidents not at all. But if you have read my letter you easily get a picture of a management that doesn’t care about their shareholders and their shareholder value! The current management is acting so hypocritically innocent as if the whole proxy fight initiation would be unfounded. But it was the mismanagement of the current management that has driven the existing shareholders to take necessary action!
To give a little overview of what has been said and published so far:
- Concerned Shareholders of New Millennium Iron Corp. Requisition Shareholders’ Meeting to Remove “Unelected” Directors, November 24, 2015
- New Millennium Iron Corp . Responds to Dissident Shareholders’ Claims, December 21, 2015
- Concerned Shareholders of New Millennium Announce Campaign to Save New Millennium and Growing Shareholder Support, January 4, 2016
- Letter to NML Shareholders from Mr. Patzelt, January 13, 2016
- Concerned Shareholders of New Millennium Respond to Surprisingly Out of Touch Letter by New Millennium CEO, January 14, 2016
- New Millennium Iron Mails Information Circular and GOLD Proxy; Urges Shareholders to Vote Only Using Their GOLD Proxy, February 17, 2016
- Concerned Shareholders of New Millenium Respond to Management Information Circular, February 18, 2016
- Concerned Shareholders Of New Millennium Mail Information Circular And Blue Proxy, And Release Letter To Shareholders, February 22, 2016
- Concerned Shareholders of New Millennium Announce Support From a Founder of New Millennium and Glass Lewis, February 29, 2016
- Letter To NML Shareholders from Mr. Patzelt and Mr. Nichols, March 3, 2016
- Concerned Shareholders of New Millennium Respond to New Millennium’s March 1 Letter to Shareholders, March 3, 2016
- New Millennium Responds to Dissident Shareholders, March 3, 2016
- New Millennium Principal Founder Robert Martin Urges Shareholder s to Support Board and Vote GOLD Proxy, March 7, 2016
Additionally I urge you to read the following very carefully:
- Appeal of Mr. Chanda, one of the co-founders of NML who will vote FOR the dissidents
- James Duade’s opinion, an ex NML shareholder and investment friend
- and generally the website of the dissidents: www.savenml.com
For a better understanding of the unsubstantial news releases and letter to shareholders of the current management I urge you to read my evaluations
The current management loses its last reputation and trust!
VOTE FOR THE CHANGE! VOTE FOR THE DISSIDENTS! VOTE FOR THE BLUE PROXY!
a NML shareholder