shameful I got some remnants of this from the old days before the reverse split killed all the liquidity. I haven't followed it regularly but now I see the buyout offer and had a quick look at a few quarterlies and outlooks provided by management. If you look back, the outlooks are very promising in terms of the market space and ANC's technology. It always seemed just a matter of time before the value was finally unlocked.
But here we are today. The takeover bid is being touted as a great victory given the market premium. The spin is quite convincing if you don't look at the market cap. It looks great because management has been completely unable to do anything about this. Huge premium to bring it up to a $5 million market cap. All that techonology and established client base is worth a whopping $5 million!?!
A few things are blatantly obvious. PP is not offering $5 million to take a bath on this thing. PP is offering $5 million because they can make this work and make more money with it. That means that they have the management to make things happen. Our management thinks this is a great deal because they can't do anything with it. They are throwing in the towel and are convincing shareholders to throw in the towel too. Why can't we have management that can do something with it and believe in the potential that has been touted for more than a decade?
Given the history of this thing, if I was Joe Gardner or whoever this Chairman of the Board is, I would much sooner resign than look for that nerve to offer shareholders such an ending. By the proposed offer, we know he is not capable of building more value, we know this Gilligan guy is not capable of building more value, but what gives them the right to make the shareholders give up!?!
Joe, Gilligan, the best thing and the only thing you can do for the shareholders right now is resign in an orderly fashion to give shareholders a chance to put in place new board of directors and new management. If PP wants thing thing, they can spend $5 million to purchase shares on the open market and let the chips fall where they may.
Find some integrity fellas. You guys are responsible for the fact that a whopping premium is landing us a value of only $5 million and your failure should not come at the back of the shareholders. I hope someone follows this story and the players in this thing if this thing gets done and see what fortunes await for those bringing this sorrow ending.
What a shame.
Peace out.