RE: RE: 210 Day Delisting review period coming upTarget date is June 19, 2009. HRG applied for "Hardship" status back in November, this allowed HRG to enter into the agreement with Severstal and thus avoid going to the stockholders. Granted HRG was out of cash, but the timing was certainly questionable, and leaves us where we are today. If you want to read the "hardship" article go to
https://www.mondaq.com/article.asp?articleid=78946
But remember all the original players and board are gone from the November decision, and there are pending changes to the TSX rules, rules to possibly prevent what Severstal was able to accomplish.
Speaking of Severstal, it is my understanding that they may acquire an additional 3% of common stock without additional disclosure, anything beyond that and they must disclose. Since the AGM is being held on the last possible day, June 30, 2009 the TSX delisting will be resolved by that date...if we get there. I do put some merit in the notion that Severstal is going to spin out their gold holdings, this would unlock "value" for them, and improve their cash position. Especially important in light of their current financial meltdown. Now if they had been smart and fixed the financing Severstal would be only that much stronger, rather than looking like the "old" HRG management.
CJ