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Gold/Mining/Energy : IMARK Corporation (IAK was Durkin Hayes DHP)
IAK 59.25+3.0%Aug 7 4:00 PM EDT

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To: Pierre J. LeBel who wrote (24)3/26/1998 5:34:00 PM
From: DANIEL  Read Replies (1) of 57
Pierre, that is good question and it is somewhat related to one of the questions I left on Don Matheson's voice mail. What I want to find out is:

1. Why was Ms. Caver appointed to the board immediately as opposed to being voted at the Annual Meeting(in May) as was the case when Algounquin purchased their shares about a year and a half ago?

2. Who was Ms. Caver appointed by? I am not sure if both of the board and management has the right to appoint board members or one of them.

If it was management that appointed Ms. Caver, it would obviously be a good sign that something will be happening soon and that this somehting will be beneficial to shareholders. It is possible that the board may have appointed her (ie algounquin) but I would think that due to the fiduciary duties of directors and the conflict of interest that Algounquin faces that they would have opted for waiting until the AGM so that they could exercise their power as shareholders and therefore not risk breaching their duties.

Looking forward to substantive developments soon.


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