OTCPK:JENGQ - Post by User
Comment by
Capharnaumon May 16, 2022 3:21pm
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Post# 34687117
RE:RE:RE:As usual
RE:RE:RE:As usualGaillardDeshaie wrote: Capharnaum wrote: Nordiques wrote: Don't expect the Stockhouse forum to provide you more information on what happened and what will happen to your money except for stupid one-liners.
Key part extracted from the news release:
"
existing equityholders’ interests will be cancelled for no consideration"
aka current shareholders get nothing.
Considering that, I'm not sure why anyone would buy shares...
I have been trying...yes just trying to get into the document of 273 pages. Trying to understand this is like the 12 works of Asterix... So at the end, is there a company (BP) who are buying the shares or the assets? Is it bizarre to do not have the latest March 31st Earns Result??
In their agreement with the lenders, since the net value of the company is negative, the current shares get wiped out and they either make cash payments or issue new equity to lenders.
The lenders that get equity will have the remainder of the assets.
Being on the venture, they would still have until the end of the month to produce the latest earnings. However, since the company is going private, they likely won't meet that obligation because they will be delisted anyway.