Good Afternoon
When I woke my daughter this morning, the first words she said were "Hi Dada," and then "Ring around the Rosy, all fall down." It got me thinking.
I have had a handfull of good PM's this morning and last night... I will now try and clear a few things up.
In reference to the nursury rhyme, it appears that we all may fall down if we cannot get past the outcome of this proxy vote. We will need to put our differences aside, and get back to building this company. In truth, we are all hurt by what is going on, but, when it is settled, it is time for us all to mend fences.
My post last night was little more then me letting out some anger and other emotions given the predicament we are in... I vented and it is done.
Thank you Franz, D12, Khareema for some helpful ideas.
I PM'd a few last week with the concern NOT's position has been weakened considerably by this proxy vote. I maintain this, however, once this proxy battle ends, we need to become closer to our large institutional shareholders. It's true, we still need them. And as much as I'd love to buy the last of their shares at 20 cents, I would like it more if they joined our team and became part of the solution to creating shareholder value.
We want and need big money to support us. It is clear that if we need to raise hundreds of millions, us little guys can only take so many empties back to the recycling before the well runs dry.
In addition, when Sprott, Pinetree, and Lassonde and Co. came on, it certainly gave our area some credibilty.... not to mention all the cash we are currently using to drill.
So, I have backtracked, and I think we all know the reality is Dick isn't the type to stick it to any group of shareholders... he's done his best to treat us all fairly. When Rousseua wanted the whole board, that wasn't acceptable, and we know where we are now, fighting the battle... In the end, there will be common ground to be found.
Finally, should we need to dillute, it could come from selling 10-20% of the company to a major... I only have one small request for Dick. Please stipulate the major that buys in cannot be the first to act in a takeover situation... they can be a whiteknight and add money and expertise, but, please keep them at bay and close to current management. This major should be a strategic partner.
The reason I bring this up is we have potentially 30% of our shares that could become quite mobil in the next few weeks... should these shares end up in the wrong hands, we will be back at it trying to defend ourselves.... I may be a fool, but, there are only so many battles we will win.
"Ring around the rosy, all fall down."
When this is settled it would be best to get back to the business of building a worldclass company and exploring.
all the best
cwallace
