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222 Posts.
5
10/07/17
10:09
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What a foolish board.
Consolidation start of the year to ~144M SOI with a healthy $2.6M in the bank.
Decides to undergo RI with director participation, but places huge shortfall (over 90M shares) to 708's.
In addition(!), uses 15% placement capacity to the same sophs (over 17M shares) due to 'overwhelming demand'.
The board has essentially given away 35% of the company with a prior loose register and zero substantial holders.
Furthermore, current directors holding less than 12M shares in total.
A futile move for current board to drag this on and blindly fight - time to step aside and let the new proposed team take over.
Saying that, a new deal will face recompliance meaning a possible 3 - 6 month wait given current state of play.
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