I plan to vote in favor of the deal. I would imagine there are shareholders for AUM that are not crazy about the merger either. I honestly think ECU shareholders are getting the better of this bargain. Believe me, I am well aware of the resource value in the ground that we control, but the bottom line is that other companies that own huge resources have gone bust trying to find the money to develop large projects. I think this is our best chance to build value. It is a share swap deal so we do not just get our cash and 'see you later...' We get the opportunity to participate as AUM shareholders earning on the synergy of this merger and that is worth hanging around for. I inted to do so.
I was extremely pissed off when SSL got bought out by SLW a few years ago near the low end of the share price range. But I held every new share of SLW and bought a bunch more along the way, and it ended up being one of my top holdings. I think there is the potential for a similar success in the ECU/AUM deal.
And again I point out that if this deal is not approved by shareholders, I think ECU will get slaughtered in the market. I think this is our best chance to build value and lots of downside if we miss it. Even given a huge resource, strong potential for ongoing drilling success, a rising long term trend for the metals, etc.
I have been in touch with quite a few larger shareholders over the last couple of days. Most of the people I have spoken with think its a good deal. I am not losing sleep over the risk that it will not go forward. JMHO...
I have absolutely no hostility towards anyone that does not feel as I do. In the end people will choose what they think is in their own best interests and who the hell am I to suggest otherwise. We are all shareholders that get to choose the destiny of this company.
cheers!
mike
