RE:RE:Conference Call TranscriptMaguire on the prior reorganization:
"In August, we provided an updated outline that affected the reorganization by way of a purchase rights issuance, whereby all shareholders would be issued the maximum tax efficient and for most, a tax-free, return of capital and proportionate rights to acquire a share of the PNG business' holding company in Cyprus, with the proceeds of sale then used to capitalize and provide liquidity for the corporation to pursue growth.
However, the corporation received feedback from several shareholders. The feedback generally related to the unlisted nature of the High Arctic International Holding Company and concerns about corporate governance and minority shareholder protections in a foreign jurisdiction.
We suspended work on that previously announced transaction. We are working with our advisers towards the process that delivers on the shareholder feedback received and the strategic aims of the reorganization. There is no guarantee that we can achieve all of these aims. We will make further announcements once we have determined a path forward, which may include making no changes at all. In the meantime, we focus on managing and pursuing opportunities for the existing businesses."