CANCEL OPTIONS and PP to INSIDERS?? This is part of what Bob Moriarty wrote. "This company is going to give the BCSC or the TSX the opportunity to prove if they actually give a damn about the interests of investors. Let me be perfectly clear, Newport shareholders got repeatedly raped.
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Newport failed to report material information in the form of a press release when the royalty went from 10% of the market cap in a quarter to over 100% of the market cap by 2nd quarter of 2013.
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Management with material and unreported inside information bought shares on the open market in August of 2013 knowing the company had received $2.7 million dollars in income from the oil/gas royalty that was not publically reported even on the annual report until November of 2013. With inside and undisclosed information, Ian Rozier among others was buying shares for $.04 when the company had $.15 a share in cash.
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Holders of the 5.45 million options refused to pay $.10 a share up to December 18 of 2013 knowing the company had twice that in cash and Ms. Dunfield had agreed to reissue the options at $.05 based on inside information.
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Management and directors did a sweetheart deal with Reva Resources in October 2013 effectively paying themselves 5.4 million shares that they knew had three times higher in cash than the market price of Newport.
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On February 18th, Ian Rozier finally releases enough information in a press release for investors to understand the company was bringing in over $1 million a month in revenue if the investors will do all the math themselves.
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Six hours later Ian Rozier announces a private placement that will dilute the company by 65% at half of cash on hand to fund an imaginary work program on a beanie baby project that they barely mention on their own website.
If the BCSC and TSX ignore what is on its face outright misrepresentation and malfeasance, shareholders of any Canadian company have no rights and certainly no protection. At the very least the BCSC and TSX should reverse the private placement and approval of the obviously mispriced options.
If they don’t act in the interests of shareholders, they may as well close their doors and stop pretending they actually act in the interests of shareholders. We will know shareholders are at the mercy of management and there are no limits on what they can do to feather their own nests.
I wouldn’t touch a company with any of these clowns associated with it with a ten-foot pole."