Friday, December 08, 2017 12:49:56 PM
Don't forget to vote on Amendment #5: "To consider, and, if deemed advisable, to pass a special resolution to amend the Company's articles to create a new class of "blank cheque" preferred shares."
Do you understand what that means?
It means the Board of ANY can issue preferred shares and set whatever terms they want, including conversion price, liquidation preferences, and so on without any further vote or action by shareholders.
So now they don't even need to issue deeply discounted common shares with warrants (the warrants end up being worthless anyway) - they can issue an instrument that ranks ahead of the common and blows away their economics.
So, for example, let's say they go back to McFarlane begging for cash, say $3M. How about a preferred share that accrues a dividend at 20%, converts at steep discount, and is redeemable for 3X the issue price etc.
It seems the beatings will continue until the morale improves.
IMHO....
________________________________________________________
Caller: But why did you back away from your prior guidance?
Eric Kelly: I am sorry? Hello?
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