Man I have spent the last few hours mulling pros and cons of what we got today. I am pissed but have tried to analyse it fairly and decide what my actions will be as a result of it. My final decision is that I will do nothing.
I have read many responses saying lets fight this. Ok, what platform will we fight it from. The proxy vote was an instance where the basis of the fight was presented to us with the option of voting. Here and now we do not have that option. The BOD has full authority do do a PP as long as it meets the TSX.V parameters. They do not need shareholder approval. The only way you could intercede here is if you could prove some sort of conspiracy or something to drive SP down, etc. Good luck there unless you have some deep pockets and some definate proof other than a lot of anecdotal stuff posted on this forum. Sorry but that is the facts, end of story.
Another action could be to sell my holding here. That is always an option, but is this the time to do it. The SP is at .70 today. The big boys have given themselves a big chunk of shares at 80 cents. Usually there would be a warrant too so that is one good thing. They have a 4 month hold on this new issue, and to gain they will have to drive the SP up considerably from where it is now. I look at todays SP and have decided it makes sense for me to ride this for any upside they plan to give themselves as I will benefit from it also.
My suggestion for everyone here is to rant andrave all you want tonight as it sure has made me feel better. However once the rant is over, I suggest everyone settle down. We now have a board of directors that is very similar to so many other companies on this TSX.V. They are not honest and you better be aware that they will screw you rather than look at you. It has always been that way, we just got a little spoiled here with RN & friends.
Pissed but staying
K
