Agoracom Blog

AGORACOM Noront Community Serves Notice That Main Street Now Has Muscle. Staves Off Hedge Fund In Board Battle

Posted by AGORACOM at 9:50 PM on Tuesday, October 28th, 2008

Nemis credited the company’s retail shareholders, many of whom use the small-cap
investor relations website Agoracom, for strengthening management’s position.

“Without the Agoracom support, we never would have come to a balance with Rosseau
and never been able to negotiate the kind of agreement that we did negotiate and that
was my main concern.”

Richard Nemis, Chairman Emeritus, Noront Resources
Annual General Meeting
October 28, 2008

On October 9th, the most recent and biggest battle for a Canadian junior resource company – Noront Resources – commenced.  As the company’s investor relations firm, we went to work protecting the interests of management and the board – but we weren’t alone.  The AGORACOM Noront Shareholder Community was bigger, more motivated and ultimately more effective than the AGORACOM Aurelian warriors – and that was one hell of a crew.  Here is the tale of the tape over just 19 days.  The figures are quite simply massive and unprecedented.

PAGE VIEWS:             2,232,789
PAGES PER VISIT:       58.90
TOP 10 COUNTRIES:   Canada, USA, Netherlands, Germany, Belgium, Austria, United Kingdom, Peru, Switzerland

On October 27th, after a 19-day e-mail, web, telephone, letter writing and media campaign that the dissident shareholder group never could have foreseen, the two sides agreed to a jointly determined single slate of directors for election at Noront’s annual and special meeting.

Much like the Democratic and Republican political conventions, once the nominees have been finalized, both sides agree to lay down their arms and unite behind the new leadership. True, it will take many investors some time to completely trust and support the new board but that is to be expected following any such battle.

For our part, AGORACOM unequivocally supports the new board and will continue to do its part to advance the best interests of the company and its shareholders.

On a broader scale, however, something has permanently changed the stock market landscape. It’s big and notice of the change was served the following day.

On October 28th, the AGORACOM Noront Community finished the lesson first started by the AGORACOM Aurelian Community, which forced Kinross Gold to extend it’s “friendly offer” 3 times before finally taking control of Aurelian Resources.  Specifically, Bay Street no longer has unfettered control. The boys in the towers can no longer count on making deals to the detriment of retail investors over scotch.  Main Street now has Web 2.0 muscle and will use it to amalgamate and protect its interests.


Words can not express how proud I am of every AGORACOM Noront member/shareholder.  You saved the day.  You are pioneers that shook the small-cap world and returned it to its rightful owner – the retail investor.  Above all, you are a courageous, intelligent, cooperative, selfless and noble group.  Be proud and take a moment to fully savor your accomplishment.

Tomorrow, let’s get back to work.  Noront Resources will not be the last company to go through this process.  This is especially true given current market conditions.  Spread the word by sending this message to every investor you know, with the goal of having a fully functioning HUB (client or non-client), for every great small-cap company. Investor communities are never going to be the same.

Finally, I’ll save the last word for Chairman Emeritus, Richard Nemis.  On behalf of everyone at AGORACOM and the entire AGORACOM Noront Community, thank-you. For everything.  Anytime, anywhere, just pick up the phone. You have an army at your service.

With great respect,
George, Paul and the AGORACOM Team

4 Responses to “AGORACOM Noront Community Serves Notice That Main Street Now Has Muscle. Staves Off Hedge Fund In Board Battle”

  1. […] Within months we saw shareholders of Aurelian Resources and then Noront Resources  rise up and fight against an unfair “friendly takeover” / predatory proposed changes to control of its board respectively.  They went 1-for-2 but man did they make a lot of noise … see Aurelian Resources … see Noront Resources […]

  2. sambone says:

    Hey George and Agoracom staff……We have changed the way things are done. I hope that Noront shareholders can expand our strength and voice thru Agoracom. I posted tonight regarding staying alert and organized…this is crucial. We are now sleeping with the enemy…this is not a time to trust the new BOD completely. I realise that you are hired by Noront, thereby possibly not able to speak freely. I would love to be a fly on the wall around your water-cooler. ….cheers……sambone

  3. coswil says:

    An era has ended and new one has begun. As part of the fantastic community on the Noront site I must say it makes one proud and makes one one happy to be part of Agoracom. Thanks for the site. We fought hard on the NOT board and the quality of posts along with the quality of posters that Agoracom draws is noteworthy. This is because of the moderation Agoracom offers, quality draws quality. Things should be interesting in the future. …coswil

  4. Marathon_Man says:

    Thanks for all your valiant efforts Richard! You have a great team standing behind your every move here in the share holders and AGORACOM team.

    All the best and have a happy retirement,