I, family, and friends hold six-figures of this piece of garbage and we are looking to joining anyone pursuing control of this company and ousting this management that disgusts me more with every communication.
I can't believe they are awarding themselves 3 years of severance pay upon termination. After squandering shareholders money is there anything left called integrity?
I believe the letter they sent actually constitutes a form of extortion by virtue of the ultimatum and indirect threat to shareholders that all their money will be lost if they don't agree to management's proposal.
The appropriate and ethical way to have handled this was to ask 2 questions:
1) Do you agree to the sale? - Yes or No
2) Do you elect for management to pay a
.10 dividend and use the remaining capital for investment purposes. Failing that there will be a return of remaining equity to shareholders - Yes or No
I am still hopeful that a major shareholder will step up, and perhaps contact us to solicit our votes, to take control and return our capital.
But failing this, I will file a complaint with the OSC and recommend fellow shareholders do similar. Here is the link: https://eforms2.osc.gov.on.ca/contactus/ProcessFormSubmissionServlet?pwscustomFormName=customFormName&pwsFormName=contactus.xfdl&pwsAction=pagedone
The complaint form is very straight forward and should be premised on extortion related grounds.
Greg
BTW - I will vote no otherwise as I rather take a hit than see these clowns enjoy an African safari.