RE: RE: RE: Bad News... or ??? That was released around midnight Calgary time close to the deadline for them to transfer the funds to Valiant so that the payments could reach their targets by January 15th...reading between the lines. I think they were doing everything they could to get this dividend paid, even let it go right down to the wire working late to get this done. When they didn't have enough available cash without a clear picture regarding the outstanding AR, they scratched together a late night release and went home in defeat, it was a good opportunity for them to mention that Joe had resigned as well. As someone mentioned, if anything this is an insight that the AR process has not gone well enough for them to have justified transferring any funds despite filing the paperwork.
I think Joe was forced into resignation because he probably helped push and sign this US expansion that led to many of the poor payees, he was their man on the ground down there that should have some insight into the quality of these new accounts. His "resignation" could also be interpreted as a signal that the AR recoupment in the US has not gone well.
To me, given the significant cut back in their margins, the only thing that was going to save the share price is the expansion and addition of valuable paying customers. Both of those messages could be interpreted that this process hasn't gone very well.
I don't know why the market shrugged this off this morning. I was happy for it though, because it allowed me to get out without regretting that I didn't do it yesterday.