RE:RE:The old CEO is gone Scott Hurd
"Acquired" hahahahahahahah. We Grow and the unnamed financial backers have majority control of Westleaf and their assets. As part of the terms, We Grow now holds 55% of all Westleaf outstanding shares. The Westleaf Board was also dissolved and a new one consisting of 3 We Grow appointed members and 1 West Leaf member (plus 1 more appointed party representing Thubderchild) means even if you count the Thubderchild appointed rep, We Grow still controls 66% of the board. As you'll read below, they quickly used this influence to restructure "Westleaf". Westleaf's senior management team was quickly restructured with We Grow taking top spots. There were a handful of Westleaf Managers who were named/kept on this restructure announcement, but as we've seen in the last 2 weeks or so, a large majority of those same folks have now stepped down or been let go (albeit still running away with substantial termination packages). "After giving effect to the Arrangement, the pre-Arrangement holders of We Grow Shares excluding the holders of We Grow Shares issued pursuant to the We Grow Financing (as defined herein), will hold approximately 55% of Westleaf's issued and outstanding shares on a pro forma basis and the existing shareholders of Westleaf will hold approximately 45% of Westleaf's issued and outstanding shares on a pro forma basis." "Westleaf's board of directors (the "Westleaf Board") will be reconstituted and will include three appointees of We Grow being Benjamin Sze, Michael Kelly, Paul Wilson, and two appointees of Westleaf, being Cody Church and a Thunderchild nominee. Westleaf's officers will be reconstituted and will include Benjamin Sze, current Chief Executive Officer of We Grow, as Chief Executive Officer, Scott Hurd as President, Taylor Ethans as Chief Financial Officer, Gary Leong as Chief Compliance Officer, and Adam Coates as Executive Vice-President, Commercial. " I don't want to do anyone's due diligence, but if you actually read the acquisition details, you'll see that this was simply a sweetheart deal of Westleaf's legacy management handing over assets and debt in exchange for their own lucrative payout deal. Westleaf's existing shareholders (majority of shares owned by insiders) went from owning nearly 100% of "company" to holding 45% of outstanding shares after the "acquisition" closed. I really feel for the small handful of public shareholders. You folks got taken... Hard.