RE:Proposed corporate restructuringDigesting this press release further, the distribution of the SXG shares and the shifting of focus to Sweden will occur independent of a shareholder vote. The shareholder vote is more or less to approve the sale of Rajapalot for $6.5mm.
Um, they way I see it is that prior to the acquisition of the Aussie assets, MAW was trading north of 20 cents per share based on the Finnish assets. If we sell Rajapalot for only $6.5mm that equates to about 2 cents per share or a 90% decrease in value from three years ago (mind you whilst gold is near all-time highs). The sale of Rajapalot is also to an insider, which sounds alot like a sweetheart deal that gives the other shareholders the shaft.
Why would any shareholder vote to sell the company's flagship project at fire-sale prices to an insider? How exactly does that benefit all the other shareholders?! Why would such a ridiculous proposal even be floated by management? If they want to shift focus to Sweden, fine so be it. They can mothball Rajapalot until gold is well over $3k and then sell for a much, much higher price!
Something just seems a bit fishy with this deal as proposed, I don't have a good feeling about this and my spidey senses are telling me to vote NO for this proposal.
If anyone else sees things differently please, enlighten the rest of us.