3 options...all better than 0.11/share 1) Renegotiate the terms of debt
2) Dilution
Followed by if necessary
3) Bankruptcy
I prefer any of these options over 0.11/share. Apprently Ezulwini will be profitable by May, renegotiate the debt and continue running with EZ and MWS profitable.
Debt holders do not want to renegotiate -> allow dilution, from there either 1) we continue to run until we sell everything down the road for a better price and proceeds are equally distrubuted between shareholders, debt holders do not exist anymore so everyone gets the same share offering. OR 2) bankruptcy, followed by a court mandated sale of assets, after which proceeds are equally distrubuted to shareholders, again there are no debt holders, so we do not get shafted, and furthermore, there is no B.S. about 'oral opinions' the courts will require third party valuations which will value MWS and EZ closer to their real value.
Either way...I am not accepting 0.11/share with the slim possibility of receiving another 0.1-0.21/share a year down the road.
Management finally did something right when they drew down on that credit facility...they made the decision to vote no to the asset sale easy for anyone who bought shares over 0.11/share...which is everyone!