RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Powdering the cracks, and covering up the warts and red ink.
Not really in a tough spot at all Mr.E. They are making it tough because they want the company to live beyond its means. STILL! The refinancing gives them more than enough to last another 2 years, without the rights issue. The execs and directors want to spend $28 M on Cap Ex in 2016, that is what puts them in a tough place, a tough place that is self imposed. With little short term/ mid term chance of reward. We got 4 T in storage in NA already more that enough for the next year, we don't need anymore!!! They gotta think SHORT TERM now. How can this be good for current shareholders that don't want don't have the money to put into more shares. How can directors who represent current shareholders back a plan that potentially sells shares at an 88%+ discount. There are no wolves at the door! Their pro forma chart without the $25M from the rights offering shows cash in the bank after the refi. I believe the TSX and the securities commission have to approve this transaction so hopefully they will suggest a few changes. JMHO do your own DD, these are the BB, don't hold me liable.