Post by
undervalue on Nov 17, 2022 11:52am
What a joke. Circular file
I suggest the method to file this embarrassing bid circular is straight into the circular garage can.
This is a rush job. 35 days to consider.
A SPECIAL COMMITTEE of the board will review the document and weigh on fairness. Earth to the committee, this should have been done before the market price was blown up with this takeunder.
I am further confused, I thought they opted into the lock up.
If the committee is populated with others than the lock up signatories, what are their stakes? At .7 of a cent it might not be worth a coffee.
The same board that allowed management to spend real estate proceeds of 34 million, $2 buck a share less prior incurred debt in less than a year. This money on initiatives that appear completely wasted. I have little confidence.
Management should be moved to the sales department, because they sure knew how to sell the board.(everything but product)
The board should resign. Hand the company to a a receiver before we go into CCAA. This 5 million, high teen rate debt issue will not last thru 2023 given burn rates of 2022.
What's the point of CCAA? Kill the leases. Pay the government.
Give the staff proper layoff terms. Take whatever is left and mail it to us. My guess it is more than .7 of a cent.
The debt term sheet had many restrictions. Question, why did our board not give management similar reins?
Do not give the company up for a fraction of a cent. My significant position is worth a plane ticket. Who cares. Let's all see what the British can do.
My guess bankruptcy given the credit card terms our representatives negotiated, but at this point it is just a plane ticket.
I continue to believe that the big shareholder is more concerned with optics than making the tough operating decisions. They should be ashamed.
Finally, did they try Amex for better terms?
Bottom line, I will not tender, and suggest others do the same.