Ann: Director Resignation, page-61

Hi eagerlyawait,

Your post has some merit to it, but I'd round it out with some of the following.

What's changed - for me the most important thing - the share price.

For now, I believe the recent SP action mirrored what we saw in late October last year.

To me the share price spent most of August above 24c. This was a comfortable hold above 27c for almost 3 weeks. I felt it broke support at 26c after Friday's close and I took something off the table as a result on Monday. Others would have different tolerances than me. That this SP slide coincided with Gregg's departure added to the mix of uncertainty, but it certainly wasn't a deciding factor.

To me selling some shares was a better course of action than writing to Jeff, to ask him to do something he's not likely to do, or may think he has good reason for not doing (regardless of what we may think).

For me the Con Note conversion and/or the option conversion are important considerations. They may not be deal breakers, but they will show intent.

Jeff and other CN holders have already had one chance to convert which they baulked at, not long after a CR and option conversion late last year. At the time, unbeknown to many of us it turns out we had problems with the UK office which has since been disbanded. The UK operations earned less than <$100k in a year, so clearly Jeff was aware of the under performance. I don't mind that he gave them a chance to succeed, but that is a clear example of something that might be deemed immaterial to the market (ongoing poor UK performance) but material to Jeff & Gary in their decision making last year in asking for an extension. (Granted they got shareholder approval for the extension).

The share price drifted down during that time last year for a host of reasons and so they didn't convert. (Fair enough).

So with having already been granted one 9 month time extension and the business numbers appearing to be robust (during a global pandemic) - aren't you curious as to what Jeff might do this time around?

Once again the share price action has drifted back close to the CN conversion price, but it keeps closing above it and there seems to be support at these levels.

Like you I'm ok with the Vortiv numbers and business, but I personally want to see what Jeff in particular does next. Others may not care.

So whether it's tussling between the definitions of what is material v immaterial, what is disclosed v undisclosed, what is confidential or not, what is a contract or a contract extension, whether Directors will convert or not, etc etc ... all we really have at times is the share price.

I believe as of Monday the SP action has changed to the downside, whilst the numbers and business appear to remain intact. Others might argue it's a normal pull back. Time will tell.

It could break either way from here and that's why I think Jeff's intent is important. If he thinks his money is safer in the bank or he can find a better return elsewhere after 3 years of building this business, then I'll probably do the same. In the interim it looks the market wants to test his resolve.

Like Scotty said yesterday, Vortiv struggles to maintain or sustain shareholder wealth, when it often appears on the cusp of building it.

Here is an opportunity to build on it.