RE:RE:exercising the dissent optionGoldenDilemma:
I watched a video conference last week featuring up and coming companies in Singapore.
One of the panelists was a young man who is the product manager of the company GRAB which has 100's of millions in investment funds. His advice was when your gut tells you something and you can see no reason why not to, go with your gut.
When the new Board and management took over, I was delighted and very hopeful for some resolutions.
I am in full agreement with the proposed transaction(with the ilmited knowledge as to whether it is a good deal for ELR shareholders) but the lack of direction for future plans for the company now simply scares me. To put it bluntly, I just do not trust management and the new Board anymore.
Too much cash and too much secrecy is not a good combination for the well being of shareholders without direction from the Board as to what is in the future. Does anyone know how much cash is currently left? If anyone does please let us know.
This is not my first rodeo. A few years ago there was a company called Canoro Resources that had its head office in Alberta but had oil fields overseas and was in a very good cash position. The CEO was dismissed and a new CEO was appointed and some directors were replaced and within a couple of years the head office was moved to British Columbia (because it was closer to the markets), a new auditor was appointed (because of the move to BC) and eventually all the cash was gone. The company was de-listed because of failure to file necessary filings. I personally contacted the auditors and was informed that yes, the new auditors were appointed but they were never engaged to perform any audits. Directors resigned and I believe the CEO is living in Switerland right now.
To answer your question, GoldenDilemma, I don't want to be a pessimist, but my gut is telling me to get out of this rats nest when it is still possible.
I really do hope that I am wrong but as I stated above, the current situation scares me.