Silk Energy Ltd SLKEF

RE: Vote of Confidence

[surething1111]

Not sure if we are supposed to be impressed that Randy Miller purchased 800,000 options at 0.20 or not.  For a company presently involved in a NCIB this seems very counter productive to me.  What's  the point of enhancing shareholder value to the tune of wiping out 197,000 shares only to add another 800,000 shares at a much lower cost.

There's still time left for the NCIB to purchase more shares as I am well aware.  However  the next 603,000 shares purchased IMO only gets them back to where they were before Randy Miller exercised his options.  It makes no sense to me.

Does he need these extra shares for the upcoming AGM? 

I'm betting everyone is feeling warm and fuzzy today knowing they not only helped afford the purchase of those options but the NCIB is still in place to hopefully help  them : "properly reflect the underlying value of the Corporation,"

Quick summary:  So far the company has spent $71,675 of company funds enhancing your share holder value. (As per whaler's post detailing the NCIB.)  On March 12 2010 when the NCIB announcement was made ISM closed at 0.37.  On March 15 2010 when the NCIB went into effect ISM opened at 0.39  today ISM closed at 0.34.  So they've spent $71,675 and the share price has dropped by 0.05 a share.

On April 5 2010 when Randy Miller purchased his 800,000 options for a total of $160,000 the share price closed at 0.43. His investment  on that day more than doubled.  If you look at today's close of 0.34 you will notice his $160,000 dollar outlay is now worth $272,000 not bad.

IMO,  there can not be many who have benefited from this NCIB, but we do all know who benefited from purchasing options that were already in the money.   

I know,  I know,  he's worth every penny you all give him .................. oh ........... but......... that was before the survey results!

"little vote of confidence".......................... My A$$.

Somebody help me please. The NCIB makes no sense as long as insiders are awarding themselves cheap options whose share totals swamp any attempt at any kind of share buy back..  The idea of "enhancement of shareholder value" is ludicrous.  Who is actually benefiting from this travesty? Hmmm.

S