OTCPK:VGIPF - Post by User
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hakodateon Dec 19, 2013 12:28am
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FrontFour's Proposal Now On SEDAR
FrontFour's Proposal Now On SEDARFrontFour's proposal is now on www.sedar.com under Renegade and titled "Information Circular" dated December 18th. Below is the gist of their action plan. Happy arguing!
Action Plan
If elected as directors of the Company, following the Special Meeting our nominees intend to take the
following actions:
• Hire a highly qualified CEO to lead Renegade’s operating team.
• Develop a new capital budget, which will prioritize free cash flow to accelerate the
repayment of debt.
• Evaluate the dividend in order to repair the balance sheet, which has been poorly
managed by the current Board, while seeking to ensure that yield-oriented investors do
not become forced sellers of the shares.
• Focus on the reduction of SG&A and operating costs, which the current Board has
allowed to become elevated versus Renegade’s peers.
• Seek to execute a reverse stock split, subject to Shareholder approval, to reduce the
relative cost of trading for all investors.
• Seek to migrate Renegade’s listing from the Venture Exchange to the Toronto Stock
Exchange to improve visibility and governance standards.
• Put the company on a dual strategic path whereby management works to “fix and grow”
as well as “fix and sell” the business.
• Implement best governance practices and re-align the interests of the Board with those of
Shareholders.