RE:Clueless in San FranciscoOldnagger wrote: I got a call recently from someone purporting to be from Painted Pony. Yet I presume (hope) was from Glass Lewis. They asked if I had read the fairness report yet they knew nothing about it themselves (not even who wrote it) . They said the share price offered was a 30% premium to recent trading prices I asked what was the premium to pre-coronavirus prices or to any other time prior.
No answer!!
I asked if they were aware that times had changed and that lower rig counts and less competition from associated gae had changed the outlook. Again no answer
I asked What compensation Glass Lewis would be getting again no answer.
Most tellingly, there was no mention about the banks pulling the plug.
Time is running out, Perhaps we can get some real answers other than this mindless drivel.
If not, either delay the vote or better yet cancel this rakeover
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Firstly, I've had an account for years but it has also been years since I've posted. I held Pony long before the rakeover was announced, but doubled down at $0.68 to get my ACB down.
I'm still looking at a modest loss at the takeover price. My rationale for buying was that $0.69 was an initial price that would be bumped up to entice those who bought after the announcement with a decent return of 10% to 20%. If that didn't come, and of course it has not so far, it would be my contention that the whole thing was a sham and the acquirer had this locked up even before the rakeover was announced.
Oldnagger's post is actually a small sign of hope for me. It suggests that this may not be a done deal at $0.69 and that the suits might actually have to work a bit to get the votes they need. I'm still highly cynical, but thanks for that Oldnagger.
I voted "No" yesterday. To be clear, I'm OK with a takeover at a higher price. It's clear that the current management has no business trying to run a company. If the acquirer kicked in another $50 million (roughly $0.30 per share) to an offer that is currrently worth around $450 million, then I'd change my vote to "Yes".
cyeg