Sorry , Misfit, but I strongly disagree :
Richard does NOT have a "graceful exit" , he has been forced out of his own company against his will after delivering an unprecedented performance over the last year (which I strongly doubt will be matched by the new BoD !).
And I doubt even more that today´s compromise announcement would have been Richard´s view of the company going forward if he would have been FREE in his decisions. He was forced to put that "soothing" message out !
Or why was he and the old board so much against this new board that they went into a proxy fight to just withdraw a day before the AGM (if they weren´t FORCED) ?
So, I will go with BullyBoy and coswil :
"we were only offered platitudes of “compromise”, when in fact Rosseau successfully took control of Noront… just using a few different names. Irwin is still the puppet master (IMO)."
"Don’t expect the share price to move too much, the forthcoming PP will need to be low enough for them to acquire many shares, and at a discount and improving their percentages of the company overall. Genuity (another one of their guys) has already set the target price at 2.15 for the next 12 months, and there was a reason for that. The price will increase when they are ready to dump, and a daily review of insider trading at this point might be prudent. The E1 direct shipping concept is only a dream now, and I anticipate exploration to slow and acquisitions of surrounding properties to heat up."
Fantomas: That´s why they have to keep the sp under $1 for a little bit longer : to get a cheap PP and cheap options !!!
And this will be the result:
"For those of you looking for those 7.00-8.00 per share prices, keep in mind share dilution, with possibly 130+million or more shares, your 7.00- 8.00 shares will only be worth 3.50-4.00 and likely minus the 20% the hedge fund fees…"
"Many of my favorite and most respected posters here are trying to reason the positives of this outcome, fair enough, in reality what more can you do… What amazes me is the gleefulness of a 20cent rise, forgetting who and how we got to these ridiculously low levels to begin with…" (I fully agree, BullyBoy !!!)
"We ain't gonna get that. Al we can expect is a mediocre stock price. They will not develope Mcfauld's to it's best potential till they blow it out. I do not trust Patrick Anderson whatsoever. " (coswil)
"Because of the goals of previous board we could rely on them deveopeing McFauld's based on that principal, We do not have that luxery anymore. (...) And we will not realize the value we would have had."
FANTOMAS
