RE: What a joke...SXI that isMousser,
I understand your frustration regarding the stock consolidation, but perhaps this is not a bad thing if it is coupled with a significant financing that will assist the company in geting analyst coverage by a sponsoring house and/or institutional interest.
There will be very few shares out after the roll back. I have reviewed the holdings of insiders and a gentleman by the name of Daniel Russell owned over 5,400,000 shares as of January 9th, 2006 and the president, Gregory Sunell has over 3,000,000 shares. If thoses shares continue to be tightly held, a consolidation would indeed leave an extemely small float of just over 3,000,000 shares.
I am a shareholder and bought shares of this company based on my assessment of the true asset value of the company. The financials report the Coast Mountain Shares (1,026,047 shares) at their book value of approximately $30,000 while they have a market value today of approximately $1,500,000. In addition, Synex will report a meaningful gain in 2006 relating to the sale of the Michigan assets.
It is frustrating to watch a company achieve significant milestones that are not recognized by the marketplace for whatever the reason.
Perhaps the latest news is the beginning of an effort by the board of directors to fulfil their mandate to the shareholders of maximizing shareholder value. I personally plan on speaking with management to learn more of the plans to raise additional capital as well their strategy on future investor relations before I make any other investment decisions regarding this company.
Regards,
Doduedilly