RE:Vote against reverse split and management
quicksilver545 wrote: As Bob has said, reverse splits almost never end up returning value to shareholders. The management has shown a complete and utter disregard for shareholders here. My attempts to reach out to them have been completely ignored.
I strongly urge others to use their proxies and vote against the reverse split. It is an attempt minimize the sharecount so they can dilute existing shareholders and previous debentureholders on a capital raise. The proposed 500 to 1 spilit will mean there will be only 1 million shares or so trading.
Instead, let's pressure them into actually returning some kind of value to existing shareholders, whether that be a buyout, or other corporate action. Things are turning around in the oil patch, now is the time to hold their feet to the fire, so to speak.
VOTE NO.
I will be voting my 5+% shares against the proposal, and urge others to do so. (though I suspect they will manipulate the votes until they get the result they want)
VOTE NO is correct.
Management owns this to an etent. I understand natural disaters, they have a role. Management isn't even trying to enhance shareholder value.
If you can't enhance shareholder value - get the "F" out of the way!!
When was the last time management tried to promote this company - NEVER.
Then you have this lovey quote in the information circular. I was shocked at this comment, and because of this NOT A SINGLE DIRECTOR will receive a single vote from me.
The Board believes that there is limited trading in the Units because many investors do not believe that the Units have a value of $0.005 per Unit. By consolidating the Units on a 500 to one basis, management believes that the Units will trade at prices that will more accurately reflect the value of the Units. Additionally, the Board is of the view that both the number of Units outstanding and the current market price of the Units limits the ability of the Trust to attract investors
This to my mind is one of the most insulting comments they could have made. They insulted us by delaying the vote three or four times. Then they couldn't even provide the actual vote. By the time the vote occured, a VERY SIGNIFICANT percentage of the debentures had changed hands, but only those who had already sold their debentures were allowed to vote on the insulting offer.
I am so done with this management group.
I hope they get off the pot and market this company to another owner who can manage it professionally. These guys need to go.