RE:Ambulance chasing at it's finest!As a large shareholder, I hope we find another offer. The market for these assets is not robust, and the actual assets commander has to sell are not attractive (yet). Taking this out for cash might seem silly and too low an offer, but yuo need to rememebr that the comapny has 1> Cash burn of $500k a year in corporate costs 2> A liability to fund 25% of brun project.
If the new buyer is going to pay corporate expenses and fund 25% of the burn project, these are their expenses. IF we have to fund those expenses as a company, we will had less and less cash each year; and the market for juniors is not great. I dont think the market for junior will improve in 2-4 years, so I woudl begurdginely take the fruit express offer. If they raise thre offer - and I think there is a good chance they will - I will be in favor of the buyout.
We ran out of runway at commander. It sucks, but it is reality. Our chance as to have a good assay from burn; and that was simply not the case.