RE:More BorrowingThere were more than a few complaints to the TSXV in regards to the outrageous convertible debs. First it appeared that the conversion price was at $0.21, then it appeared that the conversion would be at $0.125. WTF, at 12.5 cents it is less than a third of book. At 12.5 cents the Zucker Trust was grossly unfair in my opinion.
Zuckers are still loaning Nordex money they are doing it through Nil instead of directly. In my opinion the interest rate is totally out to lunch. What were the directors thinking when they signed this piece of thrash.
The directors have given no accounting of the election results. I have huge, huge doubts that most directors won a majority of votes ate the recent annual meeting. Who would support such sloppy performance as we have witnessed in the past few years? If you bought shares at $0.45 and saw them drop to even $0.20 within a space of 2 1/2 years would you vote for the same directors to continue? I wouldn't and I didn't. None of the people whom I have talked to voted for the directors.
Why has Jim Taylor not been dismissed for cause? $670.000 just does not go missing as a clerical error. Jim Taylor and the board gave no explanation in the annual report. At the Annual Meeting Taylor stated that Nordex had passed 2 maybe 3 audits with ERD and never had a safety issue. He did not however tell those present that THE VERY DAY BEFORE THE ANNUAL MEETING, AN EXPLOSION OCCURRED WHICH SENT METAL FENCE PARTS FL;YING APPROXIMATELY 300 FEET DAMAGING EMPLOYEES VEHICLES! Then he threatened to fire any employee who leaked the information. Pardon me Jim, but isn't such an occurence an incident which has to be reported to safety authorities? Are you not endangering peoples' lives by failing to ensure safe working conditions? Are you not placing the board of directors in a position of extreme liability by ignoring safety protocols? Finally are you not compromising shareholders equity, if a major accident were to occur?
I am somewhat happy that the new financing is in place and NOT! the extreme dilution that would have occurred if the other financing had been permitted to occur. I am very disappointed with the rediculous interest rate of 15% plus the $40,000 initiation fee. It is good that the debenture can be repaid at any time. Surely their are folks who would lend money to Nordex at a better rate than 15%.
Nordex never seems to update shareholders in regards to business conditions. What is happening with Buttbuster? What is happening with the underground loading system. What contracts are winding up? What work is just beginning? Communication with shareholders and the public is definitely not their best suits. Start working on it please!
B&D