RE:RE:Option 2 payout in violation of the plan of agreement?Zetorboy and others, you are kind of missing the point.
Good deal or not, the plan of arrangement as set out in the circular was voted on, and enough of a majority of the shares voted in favour that the motion passed. At that point, although I am not certain that I am using the exact legal language, the plan of arrangement became a contract between ICG shareholders and Eldorado Gold. My complaint is specific and unrelated to whether or not we got a good deal.
It is my contention that Eldorado has not lived up to the terms of the contract insofar as the shareholders who selected option 2 are concerned. There was a very small increase in cash per ICG share and a very small decrease in the number of ELG shares relative to the default ratio as set out for option 3. This was to be expected since very few ICG shareholders would have selected option given what had happened to the ELG share price. The error is in the ratio of the increase in cash to the reduction in the number of ELG shares distributed for each ICG share. The rato is 3.14 instead of the ratio established according to the ELG share price on 15 May. The last paragraph on page 35 of the circular states clearly that the ratio of shares to cash will not be changed due to changes in the market price of either ICG or ELD shares. The language in the plan of arragement is clear, and the arithmetic shows that we have been cheated.
RE:Option 2 payout in violation of the plan of agreement? steppenwolf and all the others- Yes, we have been had at this deal. Our own management team have lead us in a bad deal, They are the one that have made a mistake. They mislead us, knowingly. We should go to a group lawsuit (I forgot the legal term... sorry).
They told us that the selling price was 1,21$ and that is not what we got. This is intentional misleading, isn't it?. We got 0,88$ when they said 1,21$. I would have refused to sell, having known that. They signed a bad written deal and document. Lets pursuit them.
And ELD directors also knowingly mislead us, with this deal. The reference date, May the 12 th , 2017, was the date where the stock share price of ELD was the highest. Manipulation? And we got ELD stock share at the lowest price, in exchange. That is is a scam, isn't it????????????????
Yes, a BAD DEAL!!