Vancouver — With $5.5 million sitting in its treasury, Edmonton-based junior Takla Star Resources (TKR-V) has come under siege from a wholly owned subsidiary of Mercury Partners & Company (MYP.U-V).
Mercury holds a 9.5% stake in Takla Star through its subsidiary, the Pearson Finance Group. Pearson, in turn, is attempting to gain control of Takla.
Last week, Pearson filed a legal action against Takla’s board of directors, saying a 1994, five-year, interest-free loan to management was in contravention of the Business Corporation Act of Alberta and against the interests of Takla’s minority shareholders. The loan, which was extended for an additional five years in 1999, was used to exercise options and purchase shares.
Takla says the loan was structured so that no money was taken from the company’s treasury and encouraged management to take a substantial holding in the company.
Pearson wants the immediate repayment of the loan or cancellation of the shares.
On the back of nickel-sulphide properties in the Voisey’s Bay area of Labrador, shares in Takla hit over $6 each in the 1995-1997 period. Recently, the junior has, to no avail, attempted to enter the high-tech area. It is again looking at acquiring mineral exploration properties.
A dissident proxy circular has been sent to shareholders. It will be dealt with at the company’s annual meeting on June 6.
The principal shareholders in Mercury Partners are the brothers, Tom and Tian Kusumoto, who, in 1999, had cease-trade orders imposed on them by the B.C. Securities Commission for not reporting insider stock trading.
As of Dec. 31, 2000, Mercury reported a working capital of $2.8 million.
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