Love is all around Troy Resources (TRY.to) (TRY.ax)

Get ready to feel all soft and gooey, mineheads, cos the head honchos at Troy Resources (TRY.to) (TRY.ax) have decided that the best part of breakin' up is when you're makin' up. According to the press release from last night (see below) the Extraordinary General Meeting called by lover John to oust lover Benson from his CEO's job has been called off.

So the good news is that the pissing contests are done with, the idiot egowars are now all over and the people running TRY can get back to concentrating on what they should have been doing these last few weeks, namely building and running a gold mine or two. Gotta love them Aussies.

Castlemaine XXXX and Toohey's served, the end.

Here's the news release from today:

Troy Resources NL: Withdrawal of Request for EGM

04:48 EST Tuesday, November 03, 2009

PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 3, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Growing junior gold producer, Troy Resources NL (TSX:TRY)(ASX:TRY), is pleased to advise shareholders that a requisition for an Extraordinary General Meeting planned for 16 November 2009 has been withdrawn.

This follows the conclusion of discussions with Warrigal Pty Ltd, a company associated with Mr John Jones, a Non-Executive Director of the Company. As a consequence, the EGM has now been cancelled.

As a result of those discussions, a number of changes will be made to the Board of Directors at the Annual General Meeting of shareholders set down for 27 November 2009.

Mr Alan Naylor, the founder of Troy, has advised the Company that he will not seek re-election at the AGM and will retire from the Board after 25 years' service as a Director.

Dr Denis Clarke, who has been a Director of Troy for 10 years, has advised the Board that to facilitate the agreement with Warrigal he will resign as a director and leave the board at the AGM.

On behalf of all shareholders, the Board acknowledges and thanks Mr Naylor and Dr Clarke for their outstanding contributions to the Company over an extended period.

Mr Robin Parish, a 5% beneficial shareholder in Troy, will be appointed to the Board immediately and Mr Paul Benson will step down as a Director but will remain as the Company's Chief Executive Officer.

In addition, Mr Jones has confirmed that he will support the re-election of Troy Chairman, Mr John Dow, as a Director at the upcoming AGM.

Commenting on these changes, Mr Dow said he welcomed the resolution of the issues raised by Warrigal.

"The successful resolution of these issues is a win for the future of Troy.

"All parties are committed to a strategy which delivers the best outcome for all Troy shareholders.

"Having recently secured a fully underwritten entitlement issue to raise A$24.9M, the Company can focus its efforts on developing the Casposo gold-silver project in San Juan province, Argentina.

"Importantly, the timeline for the development of Casposo remains on track for first production in the September quarter 2010," Mr Dow said.

Mr Jones reiterated the comments of Mr Dow. "This is a great outcome for Troy and all its shareholders," he said.

Troy Resources (TRY.to): Sorry? What was that about panic selling again?

The only difference,
Twixt men and boys,
Is the shape, the size,
and the price of their toys.

(anon)

Here's the three month chart of my fave small gold producer, Troy Resources (TRY.to) (TRY.ax) with a couple of pointers to recent events.

Those of us that follow the stock closely know there's a boardroom headbutting contest between the current executive (led up by CEO Benson) and the old guard led up by company founder and large shareholder John Jones. The fight is about how to raise capital for the new Casposo project in Argentina and basically Jones is against Benson's plan to raise via an equity dilution. It's more intricate than that (those watching closely, please note those part-paid shares that have been converted this month) but it boils down to one thing: Two mining boys having a pissing match, both of them right and neither of them wrong.

As for the share price, the whole shebang concerned your humble servant much less than other observers, that's clear. The stock dropped off a cliff for a while but I just said "hold"...I even said "buy some cheap ones if you want" at some point but didn't partake myself...already full, y'see.

So here we are a few weeks later (and still on the run-up to the big bad boardroom showdown at the end of November) and the stock has....oh look...it's at new highs. This means that the market has cottoned on to the basic truth; whoever runs TRY going forward, it's going to be a success.

Moral of the story; let those oh so important boys play their oh so important games. The fundy analysis holds strong and the company is growing and set to make seriously good money going forward. Y'know, sometimes...just occasionally...it pays to be a small retail minnow and miss out on all the bigswingingdick stuff that goes on in the faster lanes of mining.

Troy Resources news (TRY.to)

TRY.ax closed up 1.3% at A$2.43 last night.
Here's the three month chart

Thanks due to kind reader 'M' for the headsup to the link. Here we have country standardbearing media source 'The Australian' reporting on the boardroom headbutting that currently going on over at Troy Resources (TRY.to)(TRY.ax).

No need to sample any of the text here, just click the link and go read it yourself. I'd just like to add that the photo of jones includes a very iffy necktie with yellow/black squares and interspersed flowers. Must pass as fashion in Oz.

Troy Resources (TRY.to) (TRY.ax): The slump continues

The big bad boardroom battle over at Troy Resources (TRY.to) (TRY.ax) has done this to the company share price over the last couple of days....
....with another 6.8% lopped off in Australia last night and the Canadian stock likely to go under C$2 by the end of play this morning. For some bckground of the whole shebang, check out this report in The Australian.

As a TRY long I'm watching the issue carefully, but mainly for two reasons:

1) Will it cause any delay for the Casposo mine construction?
2) Will it give me a decent place to buy more stock?

The first one is the key to the drop. The boardroom spat seems to be centred on the way TRY wants to raise the cash to build its new mine, so while there's dissent there may be a delay in the forward movement at Casposo. Nothing sure yet, but if things slow down it can't be good in the short term.

The second one is the way to play this, in my opinion at least. With people panicking out of the stock still, the drop is still fast and there's no point in catching the falling knife. But if we can (hopefully) identify the bottom at some point, the chances of adding to this company with great fundies and long term prospects may turn into a trade to remember. DYODD.