Greystar (GSL.to): well, it's not as dramatic as a big AGM showdown.....

...but it still gets the job done. Best line in the NR that follows (IKN highlights the funny bit):

"The board of Greystar would like to thank Mr. Kesler for his efforts as President and Chief Executive Officer in trying to advance the Angostura project."

And remember where you heard it first, dudette and dudes. Anyway, here we go with the "Kesler & Co Get Canned" news release.

April 14, 2011

Greystar Resources Announces Change of Officers and Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2011) - Greystar Resources Ltd. ("the Company") (TSX:GSL)(AIM:GSL) announces it has agreed with Amber Capital LP, a New York-based investment firm, which controls approximately 18% of the Company's outstanding shares, to change the members of its board of directors and the members of its executive management team. Other shareholders, holding approximately 20% of the Company's outstanding shares, have advised the Company that they support Amber Capital LP's position. The Company has appointed Juan Esteban Orduz and Rafael Nieto Loaiza (biographies below) to the Company's board of directors. The Company also appointed Mr. Nieto Loaiza as President of the Company and David Rovig as interim Chief Executive Officer to succeed Steve Kesler in those roles. It has also been agreed that at the Company's upcoming annual general meeting , the incumbent directors, other than Messrs. Nieto Loaiza and Orduz, will not stand for re-election and the Company will nominate as directors certain additional individuals proposed by Amber Capital LP. Further details on the annual general meeting will be announced to the market in due course. "This is an important step for the Company. The Company will focus on reformulating the Angostura project in continued compliance with the laws of Colombia and in a manner that is environmentally sustainable and socially responsible to the people and the state of Santander, whose concerns we understand and will address. That is our number one priority," commented incoming President, Mr. Nieto Loaiza. "The path for Greystar is very clear. The Angostura project will succeed only if it truly benefits the people of Colombia - both the current and future generations - by offering them a better life while maintaining their land in a safe and sustainable manner," commented incoming board member, Mr. Orduz. The board of Greystar would like to thank Mr. Kesler for his efforts as President and Chief Executive Officer in trying to advance the Angostura project. Rafael Nieto Loaiza (age 44) Mr. Nieto Loaiza is an attorney, and a specialist in Constitutional and International Law. He was the Vice Minister of Justice of Colombia. Mr. Nieto Loaiza is a partner of Nieto & Cia, a firm with more than 30 years of experience in legal assistance and business, and president of NSG, a consulting firm specializing in environment management and socio-political analysis. He is a Senior Director for McLarty Associates and acts as its representative in Colombia. Mr. Nieto Loaiza provides consultancy to governmental institutions and international cooperation agencies, such as the International Finance Corporation (IFC) and the World Bank, the Inter- American Development Bank (IDB) and the United Nations Development Program (UNDP). Mr. Nieto Loaiza has been an adviser of the Interior, Security and Defense Ministries of Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and Uruguay. He has been a consultant for the Swedish Agency for International Development Cooperation (SIDA), the European Union Commission and the Inter-American Court of Human Rights. He was program coordinator for the Inter-American Institute of Human Rights, and the electoral observer of the Inter-American Center for Electoral Promotion and Assistance. Mr. Nieto Loaiza has been a consultant to several private and public institutions, including the National Constitutional Assembly of Colombia and the International Committee of the Red Cross (ICRC). He has been a university professor in Colombia and Costa Rica and a visiting lecturer in various countries in Europe and America. Mr. Nieto Loaiza is the author and editor of several books and articles on security, defense, armed conflicts and peace processes, human rights and international humanitarian law. Juan Esteban Orduz (Age 45) Juan Esteban Orduz has extensive experience with sustainable mining issues and corporate reorganizations since 1997, when he became Legal Vice-President of the Cemex Group in Colombia after its entrance into the Colombian market (Cementos Diamante S.A., Cementos Samper S.A., Central de Mezclas). Subsequently, during President Andres Pastrana's administration, Mr. Orduz was Minister Plenipotentiary - Deputy Chief of Mission of the Colombian Embassy in Washington D.C., where he was instrumental in the creation, financing and implementation of Plan Colombia, an ambitious cooperation program between Colombia and the United States providing millions of dollars in investment for many of the most relevant social programs in Colombia, as well as the fight against illegal drug cultivation. After being invited by Harvard University to be a fellow at its Weatherhead Center for International Affairs, Mr. Orduz took his current position as CEO of Colombian Coffee Federation, Inc. in New York. Mr. Orduz has been a strong and consistent advocate of community and social, economic and environmental sustainability issues. He has also served in several corporate boards or represented companies such as Cementos Diamante S.A. and Cementos Samper S.A., associations such as the National Coffee Association and the Coffee Quality Institute in the United States and charitable organizations, including as founder and chairman of the American Friends of Fundacion Cardio-Infantil, which benefits thousands of children with cardiovascular diseases in Colombia. Additional information required to be disclosed under paragraph (g) of Schedule 2 to the AIM Rules will be disclosed in a further announcement shortly.

Peter Kennedy of Stockhouse: Corrupt or just plain stupid?

Greystar Resources (GSL.to) has had a lot of ink spilled about its predicaments recently, what with the denial of permits for its Angostura project in Colombia and the share price movements that have accompanied it. But no note has been as daft as the one written on GSL.to by Peter Kennedy of Stockhouse and published on April 11th in its regular "Short Report" section.

Seriously, this guy is either on the payroll of large money or he's just downright stupid. In the note we get all sorts of stuff about how badly horrid GSL.to's situation is and we even get pearls thrown such as a comparison of GSL to Crystallex (KRY) (even though the two operate in separate countries it's apparently valid....like telling people to avoid Peru mining projects because they're next to Ecuador, I suppose) and how...shock and horror!...GSL hasn't made anything in revenues recently...just like the other 1500+ mining companies in Canada that are calleed "explorers" I'd guess.

But the thing that makes the piece highly dubious, nay suspicious, is what Peter Kennedy leaves out. What he fails to mention is 1) the selling is all done (I mean, doesn't it strike you as odd that this Stockhouse hatchet job only appears with the stock is $3 a share? Where were you when GSL was $5 and getting pumped by Canaccord late last year, Peter?) and the stock is going up because of 2) the massive recent insider buying by Amber Capital, now up to what must be nearly 20% of shares out by wholesale buying of large chunks of GSL. And as IKN pointed out in late March there's a very reliable rumour out there that come the GSL AGM in May, shareholders will rebel and throw the whole board of directors out of GSL, a rumour that's been backed up by some crystal clear market signals since then.

Why try and batter the price down when it obvious that a large insto wants in to all the stock it can get? Why write baloney now, Petey? Why are you suddenly interested in an in-play TSX mainlisted company when all you normally write about is OTC scamjobs? Cui bono? Put simply, this Kennedy character is either being deliberately ignorant about a key factor in the GSL trading mix, he's stupid about markets and how they work or he's written what he's written to scare a few shares out of naive hands and into those of the large instos looking to change the management team at GSL at the cheapest cost possible. Which alternative is the real one? You be the judge.

Greystar (GSL.to), news releases and Owly

Follow the bouncing ball, folks:

1) Link to IKN post dated Sunday March 27th

2) New 10+% threshold insider March 11th

3) More buying since March 11th

Greystar Resources Ltd. (GSL)						As of March 31st, 2011
Filing Date	Transaction Date	Insider Name	Ownership Type	Securities	Nature of transaction	# or value acquired or disposed of	Unit Price
Mar 30/11	Mar 29/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	1,685,100	$2.515
Mar 25/11	Mar 25/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	584,400	$2.463
Mar 25/11	Mar 24/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	1,100,000	$2.535
Mar 23/11	Mar 22/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	648,400	$2.673
Mar 23/11	Mar 21/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	200,000	$2.685
Mar 23/11	Mar 18/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	758,300	$2.495
Mar 21/11	Mar 14/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	77,200	$2.587
Mar 11/11	Mar 10/11	Amber Capital LP	Control or Direction	Common Shares	00 - Opening Balance-Initial SEDI Report

4) New holder now at 16% of shares outstanding as at March 29th

5) Greystar (GSL.to) NR this morning April 1st (here's an extract):

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Greystar Resources Ltd. (TSX:GSL - News; AIM:GSL) (the "Company") ("Greystar") announces today that it has appointed Evolution Securities as its Nominated Advisor with immediate effect.
Evolution Securities Limited is a leading investment bank focused on serving its international institutional and UK corporate client base. It provides a range of investment banking services and isauthorized and regulated by the Financial Services Authority.

6) IKN leaves the op-ed on all this to Owly:

(but make sure you read the link at part 1), yeah? It's Evolution, Baby!

PS: to one specific reader. Don't ever try to exercise editorial control on me, fool. Not even a freakin' suggestion of it. Consider this a shot across your bows and never piss me off like that again because this time you got off lightly.

UPDATE: A chart and more owly:

 Gotta love owly. DYODD, dude.

Disclosure: I've just been asked for a disclosure on this stock, which is fair enough, so here we go: No position long or short in GSL.to, but it was mentioned as a potential short-term trading buy in IKN99 last weekend (a timeframe I'm usually not very good at). I have no knowledge on whether subscribers acted on that suggestion.

Greystar Resources (GSL.to) and the upcoming shareholders' revolt

Your author has heard on good authority that there are many unhappy shareholders of Greystar Resources (GSL.to) out there in investment land. In fact they're so unhappy that on May 18th, at the company's Annual General Meeting, enough big shareholders of GSL have already agreed to pool their votes, take over the meeting from the floor and kick the current board of directors out of the company once and for all. Your humble scribe also hears that the unhappy holders have already got together more than 51% of the voting shares so get ready for the fireworks because this one is going to happen, folks.

And quite right too, considering the utter balls-up GSL.to has made of its 15 years in Colombia and the mushroom politics it's employed to the people who pay them good money for zero results. Welcome to capitalism, Kesler. All that's left to consider is how this will play out. So will GSL;

• Try to pretend the threat isn't serious and have a really bad day at the office May 18th?
• Try to do the sneaky deaky and postpone the AGM?
• Do something that may equate to honourable (even at this late stage) and resign en masse before the fateful day arrives?

Inquiring minds, etc. Anyway, remember where you heard it first, people. At your caring and sharing IKN.

Mo' Greystar (GSL.to)

As well as the more...errr....what's the word here?....err...strident views put forward about Greystar (GSL.to) at this humble corner of cyberspace (check here for 'em all) over at The IKN Weekly we've also been following the case closely, but the news and views have been far more focussed on what the affair might throw up by way of investment opportunities. Here follows the last in the series that was part of IKN97, last Sunday. A few notes afterwards:

What you now need to know about Greystar Resources (GSL.to)

This is the last segment we’re running on GSL and it won’t take long:

1)      The decision on its Environmental permit approval is scheduled to come on (or perhaps before) Arpil 15^th 2011.

2)      The company will be denied its permit. To update the quantative call on this, I’d call it a 98% to 2% chance of a bad day for the company.

3)      If it moves up from its current $2.78 and into the mid $3’s between now and early April on silly gringo speculation of a GSL win, it may be a decent short oppportunity.

4)      However it’s not a company destined to go to $0.00. It currrently holds around $1.10/share in working capital and there are plenty of its resource ounces that lie under the Páramo altitude limit that’s causing it all the permitting problems. I’ve seen estimates of up to 3m oz Au held by GSL that could be worked into a brand new mining plan that certainly couldn’t be presented to the world overnight but would give an asset backbone to the company.

5)      As it happens I am not short GSL but I do know a market player that was short GSL recently. Last Tuesday I wrote to him on a purely friendly basis and suggested that there was a bottom in the GSL downspike. As it happens he’d covered the day before and taken his profits. Smart guy you are, XXXXX.

IKN blog back. You'll note that certain things didn't happen exactly as stated in the text read by subscribers last weekend. For example the permit wasn't officially denied in April, instead GSL.to withdrew its EIA/EIS application in March because it knew the game was up all by itself. Also, you'll note that the spec bounce over $3 didn't happen, so the shorting opportunity didn't show up either. The point here is that political risk issues are rarely fixed on rails and the story will emerge in its own way, but by getting the basic call right you either 1) save money for yourself and others (i.e. your author has no position whatsoever in GSL.to, not long not short, and sincerely hopes that subscribers aren't long after all that they've read these last few months) or you 2) get a call out there that makes money for others (i.e. the redacted first name at the bottom of that IKN97 text). 

So this morning GSL is halted on the TSX and LSE pending news and anyone that knows how to use Google will know what the news coming contains, we're just left wondering how much spin the GSL management will put on the story...and whether they do the decent thing and resign their asses out of the cushy jobs they've spun themselves after doing absolutely nothing of value and spending umpteen millions of dollars of shareholder cash for the last 15 years. I'll probably stick an update on this post later when the GSL NR hits.  DYODD, dudettes and dudes.

UPDATE 10:44est: There's a rumour in the village that the upcoming GSL NR will flatly deny that the company is withdrawing the permit application and will call BS on the Colombian politicos' words of yesterday evening. We'll see how this one plays out and leave you with a quick quote of "Curiouser and curiouser, said Alice....."

Update 2: An hour and a half later and it turns out the rumours were about 3/4 1/2 correct. Here's the link to the GSL NR just out, I'll leave it to you to read and decide.

Greystar (GSL.to): Bad news for Nicholas CampbellSoup of Canaccord

And thus Greystar (GSL.to) bows to the inevitable and withdraws its plans to develop the Angostura gold deposit in the Páramo de Santurban region of Colombia:

Reuters got it in English here.

How you feeling, Soupy? Looks like you're going for a quick doublefail in Colombia with your very silly "got 10m oz" call on Batero (BAT.v) the other day, too.

PS: Oh yeah, nearly forgot. Don't just laugh at Nicholas CampbellSoup's Colombia thoughts, cos you'd  also be wise in the future not to take investment advice about junior mining companies from the people at Amber Capital LLC, of 990 Third Ave, Suite 200, NY NY USA. After all, they decided to up their holding to 10% of this dog this month. Hopefully, they weren't playing sillyfools with your money, gentle reader. NR excerpt right here for your dee lek tay shun:

"After giving effect to the acquisition noted in item 2 above, the Offeror beneficially owns and controls 8,422,343 common shares in the capital of the Company, representing in the aggregate approximately 10% of the outstanding common shares of the Company (based upon the 84,218,363 common shares stated by the Company to be outstanding as of November 9, 2010)"

DYODD

Greystar (GSL.to): an excellent analysis of the political risk situation for its Angostura gold project in Colombia

1) If you're Spanish fluent and interested in the Greystar (GSL.to) saga, this article out of La Silla Vacia today is must read material on the subject. An excellent and in-depth read.

2) If you're not fluent in Spanish stop pretending you're an expert about LatAm, ok?

Greystar Resources (GSL.to) and Tom Petty

Here's the chart:

$3.80 to today = 33% drop. Here's the music.


We'll have a note on GSL.to on Sunday, subbers.

Greystar Resources (GSL.to): Don't say you weren't warned

How's Greystar (GSL.to) doing this PDAC week? Anyone got word from Nicholas CampbellSoup about his reco SNAFU yet? Is Soupy available for comment on other Political Risk issues? Does he charge for his services at the Can of Corn?

Hmmmm.....guess it has something to do with the post from Tuesday last week which ended....

"Right now I'd rather hold Osama Bin Laden's penis than GSL stock."

...but did you listen? Oh well, as they say in Blighty, you can lead a horse to water but you can't bring that dog in 'ere, mate. DYODD, dudettes & dudes.

UPDATE: 12:50pm EST: Trading in GSL.to was halted a couple of minutes ago, pending news. 


UPDATE 2: The NR is out and here's the moneyline:

"Greystar will only develop a project with the support of both. We will work with the relevant authorities in the review of the project in order to determine whether modifications are possible that address concerns whilst ensuring an economically viable and environmentally sustainable project."

What's the residual value on this thing's cash position again?