GREY:HRIVF - Post by User
Post by
ccharlwoodon Jun 09, 2009 9:56pm
272 Views
Post# 16057135
United effort
United effortA few of you have been posting some very good ideas in reaction to the Severstal offer. My lawyer confirmed Severstal needs 90% to tender in total, so that means just under 33% in addition to their post private placement position. At minimum, we need 11% to unite and stick to their guns and say they will not tender for under $1. We seem to have about 6%, but I suspect some of Stockhouse group will not stick to the high tender price. To be safe, we need to find at least 10% in addition to Stockhouse group that will agree to not tender under $1.
I suggest we do the following:
1. I will prepare an ad (good idea from one poster) and post for your comments. It will have to be concise and I will use Production05 #s.
2. I will find out what it would cost to place such an ad in either National Post or Globe & Mail.
3. Some of you compile a list of other investor boards: North American, Russian and European where people are discussing HRG.
4. We will all help to post the ad (same text) on these boards.
5. Some of you could phone your brokers and ask where to get a current shareholder list. At minimum an updated institutional shareholder list. Supposedly difficult, but worth a try.
6. I have been referred to a class action lawyer group and could call them to gather info. However, the risk of class action is that it may hurt stock price.
7. I have attempted to contact 3 institutions that are rumoured to own a bunch of shares, but not heard back yet. If any of you know of others, let me know.
Although a class action can be our back up plan, the cheapest and most effective effort is getting a hold of other shareholders directly and showing them our valuation and request they do not tender.