This is from Clulow ......
"Prometic’s recapitalization and related measures resulted in significant dilution to our common shareholders and areduction in the value in their shares. These losses were minor for some shareholders (HOW DARE YOU SO CALLOUSLY DISMISS THEIR LOSS AS MINOR CLULOW) and material (HOW ABOUT LOSS OF LIFE SAVINGS) for others. However unfortunate, these measures and resultant losses were unavoidable (FALSE, THEY WERE VERY MUCH AVOIDABLE) and necessary in the circumstances to recapitalize Prometic’s balance sheet, obtain capital and recruit the executive talent required for our company to succeed. To dispel any confusion on this issue, let me be clear: the only alternative to these measures was insolvency (EVEN THIS LAST RESORT WOULD HAVE BEEN FAR BETTER FOR SHAREHOLDERS TO UNLOCK FOR THEM VALUE UNDER A NEUTRAL AN FAIR JUDGE THAN SALPS GREEDY AND ANLAWFUL AND FRAUDULENT RESTRUCTURE) and complete ruin (NOT TRUE - IT WOULD UNLOCK UNDERLYING VALUE FOR SHAREHOLDERS) for our shareholders (IT WAS SALP THAT PRECIPITATED THIS MANUFACTURED CRISIS AT THE ELEVENTH HOUR SO THEY COULD GREEDILY TAKE OVER PLI FOR THEMSELVES) . The company has attempted to mitigate this loss by undertaking a previously announced rights offering to enable our shareholders to acquire common shares (SO THEY COULD CONTINUE TO AGAIN FUND SALP TO THE TUNE OF ANOTHER $75 MILLION TO OPERATE SALP'S COMPANY WITH A PITTANCE FOR THE SHAREHOLDERS) at the same per share price paid by Thomvest and Consonance. We hope that after learning more from Mr. Galbraith about his plan for our company,
you will consider renewing your support for Prometic (NOT VERY LIKELY - FOOL ME ONCE SHAME ON YOU, FOOL ME TWICE SHAME ON ME). Of course, this is your decision alone to make.
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It is a great privilege and responsibility to steward another’s capital and we will endeavour to realize Prometic’s
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potential value. Thank you for your continued support of the company.
Yours very truly, (s) Stefan Clulow
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Prometic Life Sciences Inc. 2019 Management Information Circular
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