Post by
SWNE on Aug 31, 2015 12:09pm
The PP Boys Are Showing Us How It's Done
They bought 108m shares at $.34 and are now busy selling them at a huge profit over 2 weeks. I think the timing of that pp sucks.
Comment by
DryBones on Aug 31, 2015 12:17pm
It was what I always feared: dilution. Always the same story. We all ended up with less ownership temporarily placated by a small rise in price. Well we do have $28 mil to carry on in hard times.
Comment by
SWNE on Aug 31, 2015 12:25pm
That's true Artsy, and the promise of making 30% over two weeks was likely the selling point, but 108m shares at $.45 would give us roughly another $US10m. Or they wouldn't have had to dilute as much. Bottom line, Telesta should have and could have waited two weeks to first determine the FDA outcome. They would have had more bargaining chips to crank a better deal.
Comment by
18tee20 on Aug 31, 2015 1:40pm
Were there not any restrictions on how soon they could sell the new shares acquired in the latest PP?
Comment by
SWNE on Aug 31, 2015 2:14pm
None that I'm aware of. Telesta basically sold 1/3 of the company that we own for $US28m, and we didn't get a vote. Wish I was one of the pp buyers who had secret information provided by Telesta which stated the FDA were sure to accept the submission, so I could make 30% in two weeks. The PP timing is hugely questionable!
Comment by
1wascallywabbit on Aug 31, 2015 2:38pm
Isn't shareholder approval required on the TSE for greater than 25% Dilution? if not, what is the percentage?
Comment by
conspiTheory on Aug 31, 2015 3:36pm
may be a hand to the previous PP holders that have 4 weeks to go. We have some volume, but, may be the previous holders wait for, know another news before the excercised time limit.
Comment by
cheetio on Aug 31, 2015 3:42pm
sold 1/3 of the company that we own for $US28m, and we didn't get a vote .......now u know the meaning of scumbags
Comment by
cheetio on Aug 31, 2015 8:26pm
$US28m....hey......kinda hefty for a fairy tale chapter