I agree totally.
The consolidation seemed like a clutching at straws exercise to me. If management thought that a consolidation would solely be the catalyst for turning the share price around that is a huge concern.
Maybe they anticipated being able to announce the renewal of the MIC and new majority stake in conjunction with the consolidation but were blindsided by the need now for the forming of a council to aid in the inking of the new arrangement.
Unless they come out with some stellar announcement, and soon, this could get real ugly. Not that it isn’t already…
Hopefully internally all is under control and there is a clear strategy in place to turn this all around but from the outside looking in this is starting to look like a complete shambles IMO.
Ann: Consolidation/Split - LOM, page-254
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