GREY:PTQMF - Post by User
Comment by
DetVicMackeyon Dec 14, 2010 2:31pm
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Post# 17844862
Upcoming Special Meeting
Upcoming Special MeetingThe upcoming special meeting on Jan 31st still feels like there is more than meets the eye. Calling a meeting to approve a PP offering is unusual. For example Brigus Gold, which lists on both the TSX and AMEX, announced a PP on Sept 28th. They filed a preliminary prospectus on Oct 4th and a final prospectus on Oct 13th. The transaction closed on Oct 19th but they did not hold a special meeting to approve their PP of 39M shares + 9.75M warrants of 179M shares outstanding.
Now I'm just speculating here, but 1BP may be correct in that a corporate transaction could be imminent. The voting to approve the PP may just be one of several items for approval. Perhaps it will relate to the PDI spinoff, Azuero JV, Inmet JV, or a transaction with a new party.
If there was ever a time for SP manipulation, then it is now. The AGM results were announced on Nov 30th which also started the current streak of 10 consecutive trading days over $1.00. Should prices hold above this level to the end of Jan 10th, which it likely will, then an additional 14,969,604 warrants will be callable for $9.73M. The release of these funds may help play a factor towards outcome of the special meeting. I think that we have strong price support from now to the end of January. Under my assumption, there doesn't appear to be much downside risk and the upside potential is still huge with much anticipation from the upcoming news flow and quarterly results.
Merry Christmas = Santa is Coming !
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12/6/2010 11:13:15 PM | | 192 reads | Post #28952457
MJKIII is one of the best posters on IHUB; PTQ
His below post says it all; why write more.
Sometimes you need shareholder approval for increasing the shares outstanding. But you do not pull a stunt like that 2 days after an AGM.
If you need the money, you do not do a large placement that needs shareholder approval; you do 2 small ones.
I am expecting a corporate transaction to be announced in the very near future.
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There is more to this than meets the eye. We just had an AGM where all pending business was to be brought before the board and acted upon. The PP was announced before the AGM with a PR.
To schedule another meeting within thirty days calling all shareholders to Vancouver, B.C. because of something they did not know until two working days after the AGM is absurd!
I don't know what is up, but calling a special meeting; filing on SEDAR three days after the November 29th AGM, on December 3, 2010, definitely means to me that this is not about a simple PP approval when there were no objections to it at the AGM.
Since when do you need a 'Special Meeting of Shareholders', just to close a private placement!
Somebody is blowing smoke up somebody's backside, or this is the most incompetent group in the world.