Post by
silvereagle80 on Apr 06, 2023 2:37pm
A fair exchange would have given us more shares
1/1/2 months after the LOI was issued Atac and Hecla came out with how they would absorb ATAC in the Hecla Corporation. It sounds so good when you read the printed statement. An ATAC shareholder might have a different view? Say you owned 100,000 shares of ATAC. On Feb 20th Hecla was trading at $5.06 and you would receive 1,972 shares of Hecla stock for your 100,000 shares of ATAC. With the LOI, the atac share price was frozen at $.10. per share USD. Since the date of the LOI, Gold has increased 10% and Hecla stock has increased 20%. Your ATAC shares were frozen and could not increase Today they announced that 1 share of ATAC stock was worth .0166 or your 100,000 shares worth equivalent to 1,666 shares of Hecla by their method of calculation. Thus, you were screwed out of the recent gold rise at a cost of 306 shares or over $2,000 per 100,000 shares. Hecla shares benefited only about $.02 per share by this short changing ATAC. It cost ATAC shareholders 30%. (Hecla's market cap is 65X higher than ATAC'S). In the future you will never have those 306 shares of Hecla to enjoy increases in stock prices or eventual sale of the stock. I would have hoped our Board would have insisted on the Feb 20th LOI stock price being the conversion price which meant a couple pennies per share to Hecla but 30% less to ATAC shareholders than they were expecting based on the LOI.
Do we get to vote on this?
Comment by
Pandora on Apr 06, 2023 3:29pm
Did you send this comment directly to the ATAC board and/or the CEO of ATAC? If not, you probably should -- not that it will have any effect.
Comment by
Pandora on Apr 06, 2023 4:12pm
Seems to be a lot of shareholders bailing at the 15 cent level. Is that a good parting level relative to the offer or is it just about right on where the offer is without having to wait another couple of months for settlement -- particularly for those that don't get stuck with a brokers fee for getting out early?
Comment by
givemeabreak1 on Apr 06, 2023 4:56pm
Pandora you lost me about the whole stock with the brokers fee lol. It is 8 bucks.
Comment by
Pandora on Apr 06, 2023 5:42pm
Believe it or not -- some people still trade shares through a broker -- not everyone deals online, in fact there are probably people that don't even have online access -- some may even live in the Yukon close to Rackla. A brokerage fee can run at $100 - $125 bucks for those people. Might be surprising but....! No reason to feel lost!
Comment by
givemeabreak1 on Apr 06, 2023 9:37pm
Pandora even those in the yukon have internet and are as smart as the rest and do not pay any stupid brokerage fees. Are you saying those in the yukon are stupid?
Comment by
Justiceisneed on Apr 07, 2023 9:34am
Hi I'm out at 0,15 it smell bad .... good luck with this fool system .