Post by
drunk@noon on May 17, 2024 8:47pm
Shareholder value destroying move #1027 by CEO.
Instead of making the quarterly interest payments on the convert debentures in cash each quarter <br /> ($562,000 us....$758,000 cdn) the numb n-ut is paying with shares at the current share price at the time of payment. i.e in Q1 instead of using 758.000 out of the millions of cash coming through the door to pay the intresrest he issued 889,683 shares. At todays shareprice that's close to 4 million shares a year of dillution that could be avoided by simply earmarking 3 million dollars of cashflow towards paying the inteerest. THIS Turd-key just doesn't get it.
Furthermore the convertible debt can converted at $1.08 per share basis---but my guess is F nuts is going to allow them to do the convert at current share price because he doens't want to settle in cash.
You'll see, there is going to be some move that makes me cry.