HF Proposal Wrote Loudon yesterday,,, here is his response and mine back:
I acknowledge receipt of your email.
I am the Chairman of the Board of Directors and the Special Committee of Independent Directors mandated with the responsibility of responding to this matter, which included analyzing the proposal and making a recommendation to the Board of Directors.
The proposal made by the CEO, Mr. Yu, has been carefully examined by the Special Committee and the Board of Directors (other than Mr. Yu) and will now be subject to shareholder approval and court approval. Further information about the transaction, its background, and the process leading up to the announcement by the Corporation will be contained in an information circular which will be circulated well in advance of the shareholder vote.
Loudon Owen
(my response)
This is nothing more than a well scripted / canned and not totally unsurprising ‘official’ response made by someone who will be well rewarded if and when this transaction is completed...
However this does not make this proposal any less unscrupulous.
How many shares / options / RSU’s do you, David Thomson and Edward Nordholm own?
In the attached chart, how many days do you think the shares were actually as low as they were for the 30 day average prior to the proposal on Jan. 8, 13? Over a 10 year period no less...
This is criminal and in fact not to be considered reasonable business practice.