In one of the most fervent shareholder activist actions for a Canadian company seen in recent years, shareholders of Campbell Resources have taken their story to the web, and it is certainly getting attention.  

The company is Campbell Resources, a Montréal based gold and copper miner that has been around for over 40 years, and once traded on the New York Stock Exchange.  Campbell has recently emerged from CCAA restructuring protection, and has received Institutional investment of $25 - $40 million in the last 16 months.

Campbell Resources trades on the Toronto exchange (TSX) under the symbol CCH, and on the New York OTC (bulletin board) market under the symbol CBLRF.

The activist website was created by a member of the “Campbell Resource Stakeholders Association" (CRSA).  Members of the CRSA collectively own about 10% of the outstanding shares in Campbell.   

The website came online in April 2007, and traffic has exploded.  According to the website creator (and documented Server logs) the website has received over 33,000 hits from around the world, with over 4,700 unique visitors (through early December).  And it’s a worldwide phenomenon – the website has received over 2,000 hits from the Netherlands and almost 1,000 hits from other European countries.

A quick look at the website (www.campbellanalysis.com ) shows some detailed shareholder commentary and analysis.  But upon reading more, it becomes quite clear that Campbell has a large and very agitated community of shareholders, and they explain their issues.  

Says one member of the group “We love this stock, we think it’s one of the best buys in the gold and copper mining sector, and many prominent Institutions have been buying Campbell.”

But the shareholder activist group has some suspicions (opinions) about some things that might be going on at the company and that story reads like a financial mystery novel.  For example, the Activists have located a press release from 1995 where company management announced drilling results that showed a new Gold resource of at least 550,000 ounces of gold.  According to members of the group, this Gold resource is being treated with an “unusual level of silence” by Management.

In the midst of this uproar, the professional accumulation of Campbell's publicly traded shares is clearly seen in the Technical Analysis charts.  There’s something going on there.

Media contact:  This email address is being protected from spam bots, you need Javascript enabled to view it