First, I'd like to apologize to you and the board for my tone the other night. I was exceedingly grumpy and tired, after a very difficult day. That's not meant as an excuse, but me giving myself a talking to. Mea culpa.
IMN, you're blaming Century's minority shareholders for the current share price. If you looked at the trading history, you'd see that Century's closing price had already dropped by nearly half before the Concerned Shareholders went public with their ideas. Moreover that period encompasses the market response to the public announcement of the proposed transaction. Rather than moving towards $1.80, the SP went the other way. The market did not value the transaction as it was proposed, as the currency of the transaction was White Tiger securities, not Canadian dollars. It was only because of the market reaction that we, the Concerned Shareholders, became involved in the first place.
As at market close on Friday, you could obtain WTG paper at 0.875/share (0.35/CMM share, times 2.5). As I said, the currency of the proposed transaction is WTG securities. The enterprise value of the merged entity is not worth the paper being offered; that's what the market is saying in response to the transaction. We may differ on our reasons for that to be the case, but to the extent that the market is objective, there you have it. I haven't tracked the numbers religiously, but as far as I have noted, the exchange ratio offered by the marketplace has been between 0.15 and 0.17 since shortly after the announcement, nowhere near the offer of 0.4. If this is such a good deal for Century shareholders, why is that?
But you're sucking and blowing at the same time, and it needs to be pointed out. You said, in different posts: "The only way this turns out to be a good entry point is if this deal goes through." and, "This deal IS going through."
You can't criticize me for saying this is a good entry point, when you are so convinced that the deal is already done, can you? Or, maybe you can, if you expect the WTG share price to crash later. You speak a lot, but I have trouble discerning your arguments. Could you try to clarify your position?
Lar
