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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 441,590,638
Close 2022-03-09 C$ 1.50
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Calibre sued by former CEO Ball over firing

2022-03-09 20:59 ET - Street Wire

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by Mike Caswell

Calibre Mining Corp. is facing a lawsuit in the Supreme Court of British Columbia from its former chief executive officer, Russell Ball, over his dismissal. He claims that the company fired him just hours before he would have been entitled to share-based compensation worth $600,000. He is seeking damages for the loss of the shares and for wrongful dismissal.

The allegations are contained in a notice of claim that Mr. Ball filed at the Vancouver courthouse on Feb. 28, 2022. Mr. Ball identifies himself as a businessman who served as the CEO of Calibre for about 16 months. His compensation included a $300,000 annual salary, participation in a share-based incentive plan, four weeks of vacation, and health and dental benefits.

The problems, as described by Mr. Ball, arose on Feb. 25, 2021. He says that on that day he was to receive his share-based compensation for 2020. The company's compensation committee had recommended that he receive 155,172 restricted share units and an option to buy 376,712 shares. The units and option were worth about $600,000, according to the suit.

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As a shareholder, retired and holding shares in my RRIF, I think I have a right to know why management has terminated Mr. Ball. If the company has, what I consider to be, justification for the change, then I must be able to reevaluate my holdings after considering how the change may effect the prospective future value of the shares that I own. Monitoring the effects of management decisions is an important evaluation tool for shareholders.

Witholding the rationale for decisions only erodes the confidence of shareholders, reducing the prospects for adding value to our holdings. Open and honest communications between management and shareholders has always proven to be the strongest incentive to successful management of every successful business.

Enough said. John.

Posted by John at 2022-03-15 19:17

As a shareholder, retired and holding shares in my RRIF, I think I have a right to know why management has terminated Mr. Ball. If the company has, what I consider to be, justification for the change, then I must be able to reevaluate my holdings after considering how the change may effect the prospective future value of the shares that I own. Monitoring the effects of management decisions is an important evaluation tool for shareholders.

Witholding the rationale for decisions only erodes the confidence of shareholders, reducing the prospects for adding value to our holdings. Open and honest communications between management and shareholders has always proven to be the strongest incentive to successful management of every successful business.

Enough said. John.

Posted by John at 2022-03-15 19:24