Special Independent CommitteeFrom the N/R yesterday:
"Following the negotiation and recommendation of a special independent committee of RepliCel Life Sciences Inc.'s board of directors......"
"the special committee is unanimous in its belief that the transaction is in the best interests of the company and its shareholders," said David Hall, chair of the special committee."
The use the word "independent" is a bit of a oxymoron here. How independent can this committee be if it is made up of the Directors of the company. Also we have no idea if any of the members have any connection to this new numbered company of Andrew Schutte.
I will say it again, this is the biggest boondoggle in the history of takeovers. He is offering to simply take over the company and give the minority shareholders an 8% Royalty or quasi Dividend if and when there is any profit after expenses of this new numbered company. Wow, how generous is that. If the assets of Replicel are sold the shareholders of which he is one get 75% of the residuals. Why as a the existing CEO of the company is he not actively trying to sell the company and 100% of the residuals go to the shareholders and forget about this silly takeover.