Oh me ... oh my ... oh!
It is difficult to know where to begin with this latest move.
I read the post by
@Neil1959 and I had two thoughts.
1. Yes ... name calling is not nice so we should all refrain and,
2. “
No devil is so frightful as that which dances in the pocket where there is no cross to keep him out” (Walter Scott)
And if the BOD want more cash from their long suffering shareholders - perhaps it might add to the 'attractiveness' of this 'issue' if they considered including some conditions some or all of the following - just my ideas;
1. The Board must commit to buying half of this issue (
$2,330,617.50). Any options attaching to that purchase be distributed to existing holders.
2. All debts that are owed by all related parties must be paid back to CGB (
~$1,200,000) before the offer closes.
3. An undertaking from the Board that no further loans will be advanced from CGB to any party.
4. The research projects be abandoned for at least 36 months and any commitments to any current commitments be cancelled (
~$1,000,000) and local markets for products be developed
5. All payments to AGMPL 'Services' be halved immediately (
~$903,000) see, Annual Report p 31).
Hmm ... so let's do the maths.
1 + 2 + 4 + 5 =
$5,433,617.50Wow ... look at that ... there's more there in those savings and expenditure cuts than CGB is seeking in this latest ... 'issue'!
@Neil1959 - Does this sound like a reasonable plan to you?
"
Every cloud has a silver lining."
I think that depends heavily on one's perspective and one's distance from the cloud.