RE:RE:RE:RE:RE:RE:RE:RE:MOU
ark88 wrote: You're reading the news wrong.
- MENAco is an existing company in the UAE
- There is no mention of SNV insiders being part of MENAco
- MENAco is a "local" company as in located in UAE
- MENAco has the 5 year services contract, not SNV
thorgb1 wrote: I assume all SNV insiders are involved in MENAco......question is why was it spun out and why was the contract not awarded to Sonoro directly? Why isn't MENAco a local operating company, 100% or majority owned by Sonoro shareholders?
What's everyone's take on this part of the news release?
After giving effect to the Proposed Transaction, it is expected that the MENACo shareholders will collectively hold 15.2% of the issued and outstanding Sonoro Shares. The Company does not expect any new insiders to be created as a result of the Proposed Transaction.
Is this because no new shareholders of MenaCo will own more that 9.9% of the outstanding shares of SNV? or does this mean that the 40,000,000 million shares will go to some that are already insiders of SNV so therefore no new insiders will be created?
Also, what is SNV getting for 40,000,000 shares and how is the ownership of MenaCo accretive to SNV?
It appears MenaCo is a services company that does not own any resources. If so, how did they arrive at this 40,000,000 share payment valuation?
What is the operating history of MenaCo.?
Who are the current shareholders of MenaCo?
Im sure the exchange will ask these questions as well if this reaches Definitive Agreement stage.
Like I said before, each press release from these guys creates more questions than answers and these questions will cause prospective investors to not buy the stock. All IMHO.