Annual MeetingJust witheld votes for all current directors in the upcoming meeting.
The way the deal was structured tied the ROXG shareprice exclusively to FVI.
There should have been a monetary component to offset this kind of drastic slide.
The 41% premium was based on the average closing price ending last Friday. Managagement AND the bankers should have had the brains to think........ what happens if the market doesn't like the deal and FVI tanks?
I'm voting no to the deal as well. These guys are good operators and can find the gold. They are absolutely useless at promoting the company -- I've said that for the last couple of years that I've been a shareholder. On top of all that, the executives and directors had one chance-- one good chance at maximizing the value of the company via a sale and they pooched it royally. They need to continue as operators but not to lead the strategic direction of the firm. Absolute idiocy on the part of the executives and directors.
The 40MM breakup fee was by FVI I'm sure so they can lock up the ROXG properties which are truly tier 1 assets for profitability in a small cap firm. If ROXG came up with the fee, then shame on them. More reason to sack the entire exectutive and directors for the firm. Looking back, I'm sure the management is having second thoughts. They were fleeced. In a couple of years when the new mine is up and running, they will have stolen ROXG for a song.
Just my two cents.
Good luck folks,
sb