Quote:
Originally Posted by Labroco
Did anyone know about the Centre Venture general meeting ahead of time?
Was anyone here invited or go?
Was there any public notice that anyone was aware of it please?
Thanks
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I was there for a bit - rest assured you missed nothing.
CentreVenture is just a circlejerk for bureaucrats and their cronies. This is an organization that doubled its operating loss in a single year (through some accounting trickery - it should have been worse) and wants to pat themselves on the back with a public relations event.
Richard Olfert got up and started explaining away the problems of CentreVenture by remarking that it turns out - in other words he was
surprised to learn - that the land bank given to CentreVenture would eventually stop producing the same dividends.
Richard Olfert is an accountant - the managing partner of Deloitte in Manitoba. Richard Olfert has been on the board of CV almost since inception. Richard Olfert is confused by the prospect that the sale of an asset results in the one-time realization of a gain. And as a consequence, 15 years later and nearly $13MM in the hole, is only now realizing that CentreVenture may actually require a different funding model.
So either Richard Olfert and the rest of the board are completely incompetent, or they're there to do other things. I'll let everybody decide for themselves.