Anyone care to interpret...The last couple of days action?
Friday almost a million shares are traded on the same day the convertible debt placement is announced.
The strange part is that the last time we saw this kind of volume was in June 2006 a couple of weeks before the annual shareholders meeting:
CALGARY, Alberta and DENVER, June 30 /PRNewswire-FirstCall/ -- Storm Cat Energy Corporation is pleased to announce that the Company's shareholders approved all special and routine business matters submitted for their consideration at the annual general and special meeting held in Vancouver, B.C. yesterday afternoon.
Shareholders passed a special resolution amending the Articles of the Company to, among other things, create a class of Preferred Shares issuable in series. In addition, resolutions were adopted to: (i) give the directors the authority to seek additional equity financing over the coming year; (ii) adopt a Restricted Share Unit Plan; and (iii) to amend the Company's Share Option Plan to, among other things, increase the number of Common shares reserved for issuance under the Plan. Hein & Associates LLP were re-appointed auditors for the ensuing year, and the following persons were elected to the Company's Board of Directors: J. Scott Zimmerman, Michael O'Byrne, Robert D. Penner, Michael J. Wozniak, Robert J. Clark, David G. Wight, and Jon R. Whitney. Further particulars about the Company's annual meeting can be found in the Company's management proxy circular dated May 12, 2006.
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Is anyone out there smart enough to explain this?
Did the ammendment of the companies share option plan have anything to do with it?
Also, why last week did we trade so many shares and the price basically held still?
Obviously a very good thing the share price did not go down but I get the impression this is some kind of share swap?
The number of trades were relatively low for the volume, does anyone have access to which brokers bought what amount of shares?
I know I'm asking alot here but do what you can.