Sorry if people have already seen this but I have just come across it whilst looking at YRR.
This is an extract from a release by YRR following the games DUO play. We have been speculating how they are going to afford the attempted takeover of our comany (AGU), yet they are at it iwth others too.
I do not trust this mob and encourage all holders to see DUO for what they are, the potential for our Co to hit real paydirt is only a matter of timing and the last thing we need in my opinion is to be run by psychotic clowns.
The rest of the statement can be found on YYR's site.
9 September 2010 Dear Shareholder
Over the last few weeks you would have been inundated with correspondence fromMcInerney Holdings Pty Ltd trying to undermine the credibility of the Yellow Rock Resources Ltd (?YRR?) Board and the functioning of your Company.
The Board of YRR is obliged to provide shareholders with the enclosed notice of meeting inorder to comply with the provisions of section 249D of the Corporations Act 2001.
The shareholders calling the section 249D meeting areSelcam Pty Ltd (?Selcam?) and Noeland Shelley McEvoy (?McEvoys?). Selcam and the McEvoys cite instability of the board of YRR as the reason for wanting to cause another disruption to the board and the operationsof YRR, which is somewhat ironic.
In fact the claim of instability is the reason why the Selcam and McEvoy proposalshould be rejected.
YRR needs to continue with the stability that the current directors provide.In relation to the Directors proposed by Selcam and the McEvoys, please note;
Peter Del Fante Mr Del Fante chairs Dourado Resources Limited (?Dourado?), a company closely associated with Mr Dean Scook. Mr Scook who was convicted of creating a false or misleading appearance of active trading on the Australian Securities Exchange in 2007, contrary to section 998(1) of the Corporations Act.
Arlene Mendoza Ms Mendoza is also a board member of Dourado, although this is not stated in the section 249D notice. Ms Mendoza is, I am advised, a lawyer who resides in the Philippines. The current Board believes that her appointment would be a disadvantage to the stability of the Company, particularly given the travel that would possibly be required to attend meetings.
David Sanders Mr Sanders is a lawyer with Lavan Legal. Lavan Legal is representing parties in the recent actions taken against the Company and against its largest shareholder Padbury Mining Limited. Along with his full time legal practice, Mr Sanders is a director of a number of companies and hence we query his ability to devote any real time or energy to a consideration of the operations of the Company.
It is in our view inappropriate that someone who has acted as the legal adviser for parties against this Company now wishes to be a member of the Board. Interestingly, I would also like to point out that Mr Sanders has in fact acted as the legal adviser for this Company in the past and we have always viewed it as inappropriate that he now works against theCompany.
The conflict this Company perceives in Mr Sanders working for clients against this Company has been raised with him previously, most recently in April of this year.
As well as the matters raised above in relation to Mr Sanders and Ms Mendoza, the critical issue that shareholders need to bear in mind is that all 3 nominees lack independence from Dean Scook and hence their appointment should be considered counter - productive to the current shareholders of the Company and be rejected.
AGU Price at posting:
2.6¢ Sentiment: LT Buy Disclosure: Held
