Post by
Hiddensecrets on Jul 13, 2021 7:13pm
Details of PETITION
The petition was filed by a shareholder of ROE invoking that buyout price is unfair.
Once ROE responds to the petition a court date is set.
There are no witnesses and all proof is submitted by affidavits and documents.
A judge will make a decision.
The chances of success for the petitioner are NIL as RECO has both shareholder approval 90% and more and, has a valuation report.
The petition could also be just another manouver by the shorts.
In any event, you can add this petition to the list of short losses.
Here is a link which explains the petitioner procedure, it is very simple and common layman person could file this easily.
https://supremecourtbc.ca/sites/default/files/web/Defending-a-Proceeding-Started-by-Petition.pdf
mpo
Comment by
TeslaPlus1 on Jul 13, 2021 10:24pm
Nice summary, but based on my understanding it woud require a material cash outlay (north of $ 500,000) to do this. So not likely. Does anyone know if a petition was filed before deadline ? Assuming we will get a press release tomorrow providing answer.