Summary of this morning.... 1. Woulfe puts out a poorly worded NR (yet again!)
2. Share holders panic based on incorrect information (totally avoidable with proper NR)
3. S/P drops .04 (also totally avoidable with proper NR)
4. Truth is IMC will complete dd in first week of July (my guess is Tues July 3rd)
5. Truth is no bank financing until IMC completes dd next week. Bank financing not subject to IMC, but to equity is also very poorly worded and easily misunderstood. It doesn't mean financing is coming even if IMC does not favourably complete dd next week. It likely means that the banking financing is coming without IMC being required to cosign or guarantee the loan.
7. Everything is still on track here and the share price should rebound to reflect this and then it should go up significantly next week with good IMC news. It is a great buying opportunity this morning.
8. Who writes these NR's for Woulfe? They could really use some editing help before distribution. I am thinking back on the first debenture N/R and how poorly worded it was as well, causing needles panic. Whomever is writing these NR's seems to have little ability to anticipate wording that could mislead readers, leading to lots of needless worries and needless s/p drops, and difficulty is selling all the debentures by the end of June (I will bet dollars to donuts they will now be extending the time for debenture purchases to a few days after next weeks good IMC news). Please Woulfe, read your purposed NR's before sending them out.