Louie again completely wrong. How someone could praise this move is beyond belief but then again Louie's comments are beyond belief most times. The finance, called a draw down facility (more commonly known as death spiral finance), is available to any company.It is normally last resort finance. It is called death spiral because the provider supplies finance for shares at at least 10% under VWAP. The financier then sells shares to recoup its dollars.
Without exception, the share price continually drops as the company continues to draw down.
This move smacks of absolute desperation and shareholders should be appalled by this as it is a recipe for massive dilution at discounted share price.
Previously sentiment expressed has been none. After this abysmal display by management I will change to sell.
DYOR IMO
Home Run, page-2
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