""We will then need to decide whether to blame the board for acting defensively,""
Gilbert P,
Well if the Board has to issue shares to a friendly in order to protect their backsides (Not the shareholder's backsides), what does that tell you, lol.
Wouldn't you think that it would be better for them, and most beneficially important for us of course, to call for that EGM and let the shareholders decide if they should still have a job or not?? Dragging the current environment on and on, WILL NOT HELP. If they had the proverbials they should be prepared to face the music and put the matter to rest once and for all. Instead they are using any delaying tactics that they will come up with, under advise from the Company's Lawyers.
Would you believe that the current movement by some shareholders will throw the towel in and give it all away just because they disallowed the current S249D request?? Think about it and then tell me.
All I know is that while they are arguing and sticking to their guns at not wanting to face the music, WE, THE MUG SHAREHOLDERS, will pay the money that they are wasting in fighting it. It is not their money that they are spending, it is ours. And due to the side of their own holding (ZILCH) they won't be suffering nor getting diluted either.
Instead, what they did, they issued an avalanche of new sharea to protect their job and diluted the existing shareholders to kingdom come. Plus of course they gave the royal treatment to the new investors by laying out the red carpet in front of them, and giving them shares at a discount, plus of course options at a price that we have never dreamed of. Why didnt they give us the opportunity to participate under the same conditions for God's sake! Is that helping sharehoders, or what????
I don't think so!!!
Besides, if you are issuing new share at a discount of the current sp (8.5 cents) Which is at a discount of 20%, what makes you think that the sp should go even higher than what it was prior to the CR. Wouldn't you think that the sp would flounder for a while after such a placement?? 10% placement mind you?? Plus 5% in options.
IMHO, we all have been shafted by this Board. Once again!!
Buddy134
CTP Price at posting:
50.0¢ Sentiment: LT Buy Disclosure: Held
