RE:RE:RE:Debenture ResolutionThanks for the thoughtful posts mrmoribund. Agree with your thinking, though still not sure I'd vote against it. As I see it, us retail shareholders are going to see dilution no matter what. Looks like debenture holders want some cheap shares. They'll either get what they're asking for in which case we end up with dilution but at least debentures are off the books.... or they won't get what they want, in which case I bet they'll do a raise at cheap prices in which case we get dilution and still have the debentures on the books -- the worst case scenario.
To my thinking, the fact that Royer is even considering converting the debentures at least bodes well for the future. I'd just like to see this over and done with so we can move on. Hopefully once that happens our interests will be fully aligned with management and we'll be able to avoid these unfortunate scenarios in the future.
Yes, I think the retailers are going to take it on the chin here either way.... though passing the debenture conversion may be the least painful and most direct path to getting this all over and done with. Just my thoughts. Certainly wouldn't fault anyone for looking at this differently and interested to hear counterpoints. Said it before, but any company I've ever invested in with debenture debt always ends up making choices which put debenture holder interests ahead of retail shareholders. Though I wish conversion were much higher, sooner debentures come off the books the better IMO.