RE:Shareholders will vote for or against this 0.09$ nonsense?Buyers owns around 22%.
Management have been buying a lot of shares back at $0.04-0.055 range before they annouced privatization. It's obvious to me the buyers know they're buying back a lot of the company for cheap from the weak hands. If you look at the bookvalue alone that's around $0.15 a share with most of the value coming from liquid assets and commercial real estate. There's no goodwill or any intangible assets on their books, so the value of the company should be fairly close to that. I'm thinking the offer price should be closer to that value as well than their current offer price of $0.09 a share.
If you read the news announcement in it a third party valuator mentions that the offer price they gave was not fair, so I'm thinking it definitely should be more than $0.09 a share.
Here:
"The Special Committee retained Evans & Evans, Inc. as an independent valuator, who prepared a Comprehensive Valuation Report and Fairness Opinion dated October 12, 2016 (the "Report") with respect to the proposed Amalgamation. The Report concluded that the Offer Price was not fair from a financial point of view."