Regulator complaints The regulator complaints, including the VN capital letter, suggested the PNG business unit was being stolen and taken private opportunistically. The NR seems in response.
I don't see why if they are insistsent on doing something like this they don't do a spin-off with a TSX-V listing. Lots of tiny companies with poor financials are listed on the TSX-V and manage fine the listing fees. However, separating High Arctic International from cash-rich High Arctic puts the former at a disadvantage because it no longer has access to High Arctic's capital and liquidity, which may be helpful for various investments and expansions in the area. Lots of companies have diversified operations, and instead of viewing this as a negative, they consider it positive because the various operations can help out each other financially, especially in volatile and cyclical industries.
It's also interesting how the former CFO resgined after this reorganization was announced. The new CFO is located in Calgary also, so that's not why.
In any case, these reorganization plans are not helping the share price, and not unlocking value. They're doing the opposite. If managed effectively, the shares should in short order be above C$2.50, with reasonable intermediate price targets around C$4.00. The current valuation is barely more than current assets minus all liabilities.