MO))) Editor Nov 23, 2012

w3a6m001 #free

Miramichi Ex Call Shareholders Meeting

On November 29th at 7 pm, there will be a shareholders meeting.  On the agenda is (1) The Approval of the sale of a portion of the Corporation's land, (2) Confirmation and Ratification of the by-laws of the Corporation, and (3) Confirmation and ratification of the election of the current board of directors.  The text of these special resolutions are contained in the download file below.

On November 22nd, MO))) had a candid conversation with John Trevors,  the President of the MAEA.  He said the Corporation is only required to notify shareholders of meetings by mail, but many on the shareholder's list are deceased, and a large number do not have updated mailing addresses.  He showed a large box of notices that were returned to him by the post office because they could not be delivered because of improper addresses.  It is the responsibility of the shareholders to contact the office to update their mailing address.  Trevors did not indicate that the corporation has ever made any other types of attempts to contact shareholders.

Trevors said there if there are people out there who have claim to shares, it is not too late to come in and get that straightened out so they can participate in the shareholders meeting.  He also said he hopes more people would get involved in the organization, as he is getting old and tired.

Trevors recounted the timeline of the selection process for the new payroll centre.  He said they granted the option to the federal government to buy the property in April 2012.  He said many properties were considered, but only 2 made the shortlist.  He said the option to buy was extended in June, August, and was extended again last Friday to the 18th of December.  "So presumably," he said, "there will be a decision made shortly, and personally, I think this process has dragged out long enough.  If it happens,"  he said, "it will lead to the total revitalization of downtown Chatham."

Comment:  Trevors could be right, but the big federal office complex in Bathurst along the Bay of Chaleur has not revitalized Bathurst's downtown.  But we can still hope.

Trevors was the person recently named in a court action initiated by another MAEA shareholder, Edward Hitchman.  Under the Business Corporations Act of New Brunswick, Hitchman is seeking an order that:

• some of the shareholders were being unfairly prejudiced or disregarded with respect to the business affairs of the MAEA.
• John Trevors cease and desist from exercising control of the MAEA
• blocks the sale of MAEA land until final disposition of the application
• the MAEA bylaws be amended to reflect one vote per shareholder (not one vote per share)
• the bylaws be amended to restrict the transfer of shares for the purpose of subverting the one vote per shareholder concept

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