Granite Oil Corp GXOCF

Anyone knows what would happen if I don't sell

[MonstersInc2]

I would lose more than half a million if I get excised at 0.95 Anyone knows what would happen if I don't sell? Any advice? Thanks in advance.

[MonstersInc2]

Long positions

[TheBridge]

You don't have a choice, they're selling all the shares including yours and mine.

[MonstersInc2]

Damn it! Thank you for letting me know @TheBridge

[RockLobster1]

If you don't tender and they get over 90% then they can proceed to force remaining shares to take the offer. Your only other choice is to dissent, but that is a very difficult process not realistic for us retail folks. 

[MonsterInk2]

Thank you @RockLobster1   Appears I got screwed up big time Hopefully they don't get over 90% GOD BLESS RETAIL FOLKS!

[Drifter243]

Do they need 90% approval for it to go through? I sure hope so, I am voting no. They are giving the company away, it all smells like foul play. All the insiders and strategic entities have 25% of the shares, so we have that against us. If someone could confirm the percentage of shareholders needes to vote yes for this to go through I would be very grateful

[HIT2020]

Also a sucked in long position holder of this apparent short term turnover. So much for the "long term" plans with a quick sell as market appears to be coming out of a bottom. Where's the board? Does not seem like reasonable, fair or prudent management of a company. I suppose stockholders who increased position with the discount private placement are happy with the short term gains

[artyfoo]

I am a long term investor in GXO with over 160K shares I will also vote against that deal because it only profits management.

[MonstersInc2]

Management team kept telling us they were doing good for long term investors. Here we are. Feel like they sell their company for their own sake. Probably some good deals under table between the management team and IPC are not public to retail folks

[MonstersInc2]

@artyfoo We would have more than 10% of total shares if there were 20 people like you and me. I will vote no. But not sure 10% is good enough to fight with management team.

[Zelgadis]

Approval isn't 90%. It is 2/3's of the vote and the vote will take place on or about March 5th. Not sure where it is.    unanimously approved the Transaction and determined to recommend to Granite shareholders to vote in favour of the Arrangement at a meeting of Granite shareholders scheduled to take place on or about March 5, 2020 (the “Meeting”). The Arrangement is

[MonstersInc2]

@Zelgadis Thanks for posting. Appears we need 13 millions to vote no in order to stop them. Not an easy task. Will buy more shares as long as sp under .95

[RockLobster1]

[RockLobster1]

no idea why text didnt appear. What I said was thet the 90% was only in answer to being forced to sell, the 2/3 is for approval. I think if a company gets over 90 they can apply to force the same deal on the remaining in order to clean it up.  If under 90% then they cannot.... i think. not sure how to vote... could certainly be worth more, but I am fed up like most.  This deal

[HIT2020]

FYI - I plan to vote no. 

[Fedup28]

No vote here as well