Rock Stars Some posters are actually suggesting they intend to vote NO on Feb 27th?
You have to consider a NO vote as ill-advised and a real slap in the face to the company geniuses who have negotiated this Genel deal.
Perhaps the naysayers, who intend to vote NO, have missed some of the finer details of the Genel deal. If rejected on the 27th, lfd Rock Stars have agreed to a "contingency assignment" to the KRG which will transfer the property without compensation on March 1st, leaving only 2 days after a potential NO vote to rejig terms of the deal! This is unlikely to happen.
Perhaps the naysayers were also in shock thinking that if the Genel deal is approved, lfd Rock Stars were actually leaving the company. The naysayers do not realize that despite the termination contracts and associated payments, the company has managed to retain the services of Mr Barhti and Mr Said pursuant to a new contract!
Perhaps the naysayers are not appreciative of the generosity of a 10 cent dividend?
Perhaps the naysayers are not appreciative of what the lfd Rock Stars were able to accomplish, beginning with a paltry $17.7 million in working capital in March 2009, promising untold riches and actually delivering the Genel deal, all completed in very difficult world economic times. During these tough times, the Rock Stars were able to raise an additional $45.7 million to finance a deal reported to require between $50 million and $100 million over the first 3 years. Realizing that $17.7 mil + $45.7 mil was not going to cut it, the Rock Stars were able to salvage something for the shareholders, when other lesser inclined leaders might have just given up.
No, we should appreciate our Rock Stars, take our 10 cent dividend and be happy to reward Mr Bharti and Mr Said with a $2,361,905 and a $937,500 pat-on-the-back!
Well done, bravo! After all, these payments are necessary to supplement only modest salaries/fees/bonuses paid to these Rock Stars over the life of the Chia effort and if all compensation to Mr Bharti and Mr Said is added up, it is only $6.2 million. This is not even a full 10% of the initial working capital and all subsequent financings (gross numbers before commissions)!!
So let us stop complaining. Start thinking about what to do with our 10 cent dividend and wait for news about the African adventure. Oh, maybe we and the SEC and the independent board members should also read the fine print to fully comprehend what is in store for an lfd shareholder. Just so there is no future confusion and hurt feelings!!