Mitec Technologies V.MTMH

Mitec Consolidation

[mcappro]

The strategy to consolidate and generate as much liquidity to shareholders was approved by Mitec's shareholders at a meeting that took place in June, 2016.  I understand that the insiders of Mitec did not even vote on the proposal, letting the other shareholders determine Mitec's destiny and they voted to approve the strategy.  

While this was not the outcome anyone wanted, the company had run its course in the public markets environment and had no future other than to deplete its limited cash continuing to be public,  It had not been operating any business since 2012.  

If any shareholder/investor had wanted to approach management and offer a better outcome than what took place it would have been disclosed to shareholders.  That did not happen either.

[G1945V]

IMO the way the consolidation was designed was to eliminate the retail shareholder.  5 million for 1 consolidation...give me a break.  2 cents for anything less.  G1945V

[PADAP23]

In my opinion, it is not the last consolidation that is only questionnable. It is all the give away that Mitec's directors did to favor Covalon and Schwartz from the biginning in 2012 and along the last four years : (1) investement of  close to 3 M $ for 0.30$ a share while the market price for Covalon.s share was below 0.20$, investment that made Mitec without money left, (2) Borrowing

[PADAP23]

mcappro mentions "The strategy to consolidate and generate as much liquidity to shareholders". In my opinion, to generate as much liquidity to shareholders would have been to keep the 3 M$ money Mitec got for its telecom assets in 2012 instead of investing in Covalon at huge share price. Today Mitec's shareholder would receive close to 0.35 $ a share for that 3 M$ alone, that is, 3