Message for Nick Smith Hi Nick,
I appreciate the comments you posted this morning. Unfortunately, the press release is vague at best. The market, myself included, read the press release and concluded that the due diligence would face additional delays. The near 20% drop in share price supports this view. At this stage, investors no longer have any reasonable certainty as to if or when IMC will complete its due diligence.
With respect, if everything was on track for July 3rd, then the release put out by management this morning would rank as one of the worst press releases I have seen. To suggest such ambiguity, 2 or 3 business days in advance, would be .... disappointing is the kindest word that comes to mind. Ironically, I think the intent of the press release was to reassure investors that progress is being made. In reality, it did the exact opposite.
I have spoken with a number of investors over the past few weeks and again this morning. I think the senior leadership at Woulfe needs to realize that the small cap investors, those of us who hold anywhere from 100,000 to 1,000,000 shares are quickly loosing faith in Woulfe. Not because of the delays by a third party. For the most part, these delays are beyond management's control. No, we are loosing faith because of a lack of transparency and clarity in communications.