RE:the VoteYes. The only proposal that got approval was the reduction of conversion price to 5 cents from proposed 7.5 cents. None of the other company offers put forward got enough support.
Curiously, there was a very poor turnout with only about 20% of the outstanding debentures actually participating in the vote.
Thus the whole situation remains status quo while management goes back to the drawing board, but with very little time to reach an accord with the Debenture holders.
Frankly, since the company is prepared to lower conversion price to 5 cents, I see no reason that outstanding interest debt not also be paid in shares valued at 5 cent shares rather than 7.5 cent, and that outstanding interest payments be paid up to September 14 , 2022
in those shares rather than making Debenture Holders wait until December 2023 before seeing any return for their incredible patience.
There is no cash drain to the company, and shareholders have another 15 months to try to right the ship.
Pretty simple.......right ?