Hi Guys Can granting free shares to yourself while in the process of negations regarding a takeover be considered insider trading. I have no idea but maybe someone does.
The function of creating free shares to yourself is supposed to be reward for possible future achievements. If the company is to be taken over and the shareholding completely altered then no benefit to shareholders is possible.
In this case Big Kev did all the footwork and these guys came in and all they did was to continue the grid drilling and upgrade the ore reserves. None or little work was done on Canegrass. So the free shares cannot be accorded to past achievements and the only future benefit at the time of granting the shares was to sell everything at a (I drag the comment from A Streetcar Named Desire remember Tennessee Williams comment"the great european fire sale") fire sale price. Theres nothing there to reward oneself for.
Now they possibly Hired City Bank and I may be wrong on this to find someone to possibly sell the company to. Is City Bank related to the Rockefeller's of New York. So possibly some wife of one of the directors of a bank found a second or third cousin in Russia and said you can have this one for peanuts if you marry or help the ugly niece into some nefarious liaison. But we are only the shareholders.
FMS Price at posting:
28.3¢ Sentiment: Buy Disclosure: Held
