OTCPK:ARNBF - Post by User
Post by
seriousinveston Aug 25, 2014 4:12pm
454 Views
Post# 22876119
I finally found the actual vote tally
I finally found the actual vote tally - Vote outcome: a definite no. 58% of shareholders, 55% of 2016 debentureholders, and 60% of 2018 debentureholders opposed the arrangement.
It is incredible that they did not even get a majority vote from the shareholders. How could managment have wasted that much time and money(I bet that proxy statement alone cost over $1m in legal fees)? Wouldn't any prudent management consult its largest shareholders before going public with this proposal. More importantly, what do they propose to do now? Managment claimed that it was essential to do the deal. They have to have an alternative plan since they made it very clear that the company was facing some serious porblems. How do they propose to solve them? We are in the dark because they haven't a clue. They really should resign and turn the management over to another more capable team. By their own admission they have failed so why are they still in control of the company. This is a $300+M asset that needs new leadership and it needs it now!
I ask the Board and senior management to resign for the good of the company and all its stakeholders.