interesting stuff, but frankly alarming for Pilot Energy shareholders I would have thought?
in order to raise that $3.6m they are being asked to:
- agree to issue 45.4% of their company
- agree to hand over complete control to these investors
- get no takeover premium for handing over control
- lock out any prospect of a 3rd party t/o or investment
- agree to hand over control of Board to Chines businessmen
- agree to appoint an "advisor' with obvious connections to board
- lose 2 of the existing directors
smacks of desperation move to me.
but I guess if a company is desperate need of funds, then they deal with the "smart-money" lenders.
pipeline, page-3
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