TSXV:FCO.H - Post by User
Comment by
BarnFindon Jun 25, 2019 11:52am
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Post# 29860695
RE:VOTE NO !!!!!!!
RE:VOTE NO !!!!!!!If my memory is correct, the April agreement has a $3.0M US penalty to be paid by eCobalt to Jervois if the deal does not close. This makes it very difficult to vote NO, even though I feel that the deal is not in the best interest of shareholders.
If this penalties occurs, eCobalt's cash will have been wasted and eCobalt will be in a very poor poisition to continue. Jervois of course wins in that it will receive a $3.9 M US windfall. it is my opinion that eCobalt's Board and management - the ones that approved the deal with the ridiculous penalty clause - should be sued for breaching their fiduciary duty to shareholders. There is no way that they should have agreed to such a penalty clause. Doing so may have allowed them to protect their personal interests, but it certainly did not protect the interests of eCobalt shareholders.
I am VERY disappointed with eCobalt's Board and management.