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I agree with your calculation.
As for the 200,000,000 shares, Matin (controlling) can have it increased to whatever he wants without any problem
However I beleive that doing a 100 to 1 R/S he thereby also reduce the authorized number 100 to 1 (therefore I assume that withouit further action the new authorized shares would become 2,000,000.
Therfore (unless I am wrong) he would have to have additional shares authorized to use 18,000,000 new shares (at least 20,000,000 or the équivalent of 2,000,000,000 current shares) ... assuming he doesn't act to have more authorized.
This seems so ridiculous in the actual context that I sincerely wonder (or should I say hope) if this wasn't a plot the objective of wich would be to facilitate accumulation of shares at low PPS by insiders and/or close ones.
Could it be that:
- Accumulation by the "knows" was already going on. From 08/27 (day the infamous letter presumably was received by fortunate ones) up to yesterday morning - 7 trading days - over 16,000,000 shares were traded getting the PPS up from 0.008 to 0.014 during that time.
- After closing tuesday THE letter is posted on bulletin board(s)
- Suddenly more than 20,000,000 shares became available (finding buyers faster than ever) at PPS as low as 0.0051
Could it be that the meeting of next week COULD CONCLUDE that the idea of throwing in 18,000,000 to complete the ownership of Veltex Mills is not as good an idea as initially tought after all therefore will not be done?
Note that notwithstanding events of the last 24 hours or so, nothing came out from the company to clarify the situation.
Note that only one person (shareholder ???) seems to have received the infamous letter. I communicated with a shareholder owning over 2,000,000 shares who met Matin earlier (had not seen what's going on on the board) and he wasn't aware of the situation.
Could it be ???
If the referred to 18,000,000 were to be pre the R/S, it would only be worth less than $150,000. I doubt very much that this is what the letter does mention.
If, as I beleive the are after the R/S shares, we will endup with 20,000,000 O/S (equivalent to 2,000,000,000 pre R/S shares).
Notwithstanding the added assets value, this means a 10 to 1 dillution... unless I do miss something.
HHhhhuuummmmmm!!!!!!!!!
I also got this answer from Paul.
I write this answer to post no: 4843 not having read the 16 previous posts.
I have confirmed that Matin does intend to do the mentionned R/S.
My source did not address the other issue within the letter but based on what I found, the letter does exist as posted herein.
Whoever this guy is, he posted a letter that "looks real".
Where did he get it? Did he make it up? What was his purpose?
One thing is for sure, he allowed some to accummulate millions of shares at very low price and he took away halh the remaining credibility this company may still have had.
What did Matin do or say within the following 24 hours? Nothing.
I contacted his communication firm and they answered that they have no guidance from the company.
I wonder what they will say whenever they come out of their hole (if ever ???).
Whatever they will say, 20,000,000 shares will have been bouth at + or - 3/4 of a penny. I wonder if hey will be disappointed or just smiling ???
R I D I C U L O U S ! ! !
What credibility is worth:
Veltex: large revenues, large profits (quarter after quarter), not reporting to SEC - Market value (capitalization): More or less $ 1,500,00,
ADVC: $8,000,000 sales, profit of $ 450,000 (first profit ever), reporting to SEC - Market value: More or less $2,500,000.
The problen is that millions of shares are now owned at a cost of 0.006 to 0.007. If these are in short term speculators hands, they will then become offered at 0.007, 8 and 9 and that would slow down any PPS increase for some time ... assuming the company address the current issue.
Veltex had no credibility in the market as of yesterday and now has even less (if that can be).
History and my personal interpretation
Going back to Jan 1 this year and looking at dayly volumes I saw that:
1- On Jan 14th (Anne Tahim'a audited report) we saw a volume of 15,713,400 shares traded (low: 0.007 - high: 0.015)
2- On February 17th (The day before the interview by the unidentified Steve Fryer, Managing Partner, Grant Bettingen) we saw a volume of 16,017,000 shares traded (low: 0.017 - high: 0.025)
Now today is the only other day showing greater than 10,000,000 shares traded this year. It follows a (presumably real) company letter announcing a 100:1 R/S, showing on a message board.
At 2.30 the day this posting was made, close to 20,000,000 shares were traded at price as low as 50% the previous day closing and nothing came out of the company.
If Matin wanted to see his shares become cheaper (after he successfully maintained it as low as possible), he would not have behaved any other way.
Why?
Only him seems to know.
May be it is ... may be it is not but, (putting my machiavelic hat), if you wanted to accumulate millions of shares at the best possible price, wouldn't you leak a (real or not)document announcing a 100 for 1 R/S.
Everyone knows that doing an R/S is killing a PPS in 85% of the case ... at least for a while.
Is the letter for real?
If so, did someone from within the company leak it?
If not could someone create one?
All I know is that more than 10,000,000 shares were traded in the last 3-4 day getting the PPS higher and (following this letter) that many other shares could be traded today at a significantly reduced PPS.
If it was a hoax, it already has been successful.
That was to be expected.
Unless Matin comes out with a clear plan of action 0.005 (or the equivalent) may be in the cards sooner than later.
That's when I plan to double my owning ... may be.
Yes (as I understand it).
However if owning 50% of these meant nothing to the market (as demonstrated by the PPS) I wonder what it would mean to own twice as much?
Whatever, this seems to be a good move and it may endup making "Veltex corp"'s shares more attractive... longer term.
However we face so many unknowns that we can assume any optimistic or pessimistic scenario we want ... for the moment.
That's the way I see it also.
However, understanding that Matin MAY HAVE a machiavelic plan, it has to be noted that IF recently released financials are almost right, a current capitalization of more or less $ 2,000,000 is realy ridiculously low. Doubling it thru doubling the number of O/S, assuming stable relative PPS is still not that bad.
THE PROBLEM: We have no clue what plan this step is part of therefore cannot figure out if we are getting screwed or set up for better days, having a normally managed public company.
THE QUESTION: Is Matin a crook or is he an honest person ???
THE ANSWER: Whatever you want to beleive (blind faith or assumed criminal plot).
Could SEC, FBI or other agencies help? Nowadays wiith plots steeling shareholders of billions of dollars, I doubt that these agencies will even read whatever papers we could send.
This is a PS unreporting company apparently controlled by an individual. Getting involved in it as a shareholder is "betting" on the character and capabilities of this individual. The ODDS are not good but potential gains are attractive.
For the moment at least, we have no clue where Matin is getting us and he obviously wants to keep us in total darkness relative to his plan. That by itself is enough to justify great suspicions. On the other hand, if you want to beleive (having done whatever DD you can) you could also justify current actions, assuming they are part of an honest long term plan.
This being said, following the reverse split of 100 to 1, I doubt very, very much that (short term at least) the PPS will remain above $ 1.00... unless new POSITIVE FACTS come to life ???
I did not.
An R/S out of the blue is a surprise. I often said a R/S could be appropriate if done as one of the activities within a global plan of actions, leading to a listing on a real stock market. The letter you got doesn't allude to such a plan and one wonders why R/Splitting right now is suitable?
Another sentence is inreresting since it confirms control of the company by "management of record and the shares represented by proxies appointing management". That may or not mean Matin by himself or he and close ones.
Finally I note the sequence of the listed proposals:
1- R/S then
2- "To issue 18,000,000 shares of the Company's common stock".
I assume this could mean 18,000,000 post R/S shares, therefore a dilution of 2 to 1 or so. However may be I do not catch the real meaning of this last sentence.
Over 10,000,000 shares traded since the beginning of September (3 days and 30 minutes). PPS was between 0.012 and 0.014. Considering the number of shares recently bought below 0.01, we can assume that many (MM's ???) are cashing it a rapid 25-50% profit (hoping to try again getting shares at 0.008-0.01.
On the other hand, some do beleive that accumulating at 0.012 or so is appropriate. I wonder who these buyers are?
With no significant news for 2 months (July 13th financials release) one wonders what this activity is all about.
If only Matin was nice enough to discuss USA progress. We know he (invest) spends a lot (business shows, catalog, ...) trying to get business but we do not know anything about what he is or not achieving (revenues) and what he gets (profit) out of it that remains in USA (vs Bingladesh).
This is a pink sheet penny stock of a non reporting company and its being handled as such by the company (a lot of noise but very small real information to analyze).
VLVT remains a pure speculation presenting high reward potential and high risk. It may ... or it may ... (fill in the blanks).
Till Matin decides to behave as the "manager" of a real company, imagination is the only way to generate personnal expectations, them being negative or positive.
Personally, I sit on shares (long) and I am "prepared for the worst but I hope for the best" (as currently often expressed by Floridians).
For sure, "Ivan" will find its way up north before we figure out what this speculation (bet ???) is all about.
>If you're old enough to remember and young enough to own a computer!!!!
>
> > ABBOTT and COSTELLO Buy A Computer
> >
> > In today's world, Bud ABBOTT and Lou COSTELLO's famous sketch "Who's
> > on first?" might have turned out something like this....
>
> > >COSTELLO CALLS TO BUY A COMPUTER FROM ABBOTT . . . .
> > >ABBOTT: Super Duper computer store. Can I help you?
> > >COSTELLO: Thanks.I'm setting up an office in my den and I'm thinking
> > >about buying a computer.
> > >ABBOTT: Mac?
> > >COSTELLO: No, the name's Lou.
> > >ABBOTT: Your computer?
> > >COSTELLO: I don't own a computer.I want to buy one.
> > >ABBOTT: Mac?
> > >COSTELLO: I told you, my name's Lou.
> > >ABBOTT: What about Windows?
> > >COSTELLO: Why? Will it get stuffy in here?
> > >ABBOTT: Do you want a computer with Windows?
> > >COSTELLO: I don't know. What will I see when I look in the windows?
> > >ABBOTT: Wallpaper.
> > >COSTELLO: Never mind the windows.I need a computer and software.
> > >ABBOTT: Software for Windows?
> > >COSTELLO: No. On the computer!I need something I can use to write
> > >proposals,track expenses and run my business. What have you got?
> > >ABBOTT: Office.
> > >COSTELLO: Yeah, for my office. Can you recommend anything?
> > >ABBOTT: I just did.
> > >COSTELLO: You just did what?
> > >ABBOTT: Recommend something.
> > >COSTELLO: You recommended something?
> > >ABBOTT: Yes.
> > >COSTELLO: For my office?
> > >ABBOTT: Yes.
> > >COSTELLO: OK, what did you recommend for my office?
> > >ABBOTT: Office.
> > >COSTELLO: Yes, for my office!
> > >ABBOTT: I recommend Office with Windows.
> > >COSTELLO: I already have an office with windows! OK, lets just say
> > >I'm sitting at my computer and I want to type a proposal. What do I need?
> > >ABBOTT: Word.
> > >COSTELLO: What word?
> > >ABBOTT: Word in Office.
> > >COSTELLO: The only word in office is office.
> > >ABBOTT: The Word in Office for Windows.
> > >COSTELLO: Which word in office for windows?
> > >ABBOTT: The Word you get when you click the blue "W".
> > >COSTELLO: I'm going to click your blue "w" if you don't start with
> > >some straight answers. OK, forget that. Can I watch movies on the
>Internet?
> > >ABBOTT: Yes, you want Real One.
> > >COSTELLO: Maybe a real one, maybe a cartoon. What I watch is none of
> > >your business. Just tell me what I need!
> > >ABBOTT: Real One.
> > >COSTELLO: If it's a long movie I also want to see reel 2, 3 &4. Can I
> > >watch them?
> > >ABBOTT: Of course.
> > >COSTELLO: Great! With what?
> > >ABBOTT: Real One.
> > >COSTELLO: OK, I'm at my computer and I want to watch a movie. What do I do?
> > >ABBOTT: You click the blue "1".
> > >COSTELLO: I click the blue one what?
> > >ABBOTT: The blue "1".
> > >COSTELLO: Is that different from the blue w?
> > >ABBOTT: The blue "1" is Real One and the blue "W" is Word.
> > >COSTELLO: What word?
> > >ABBOTT: The Word in Office for Windows.
> > >COSTELLO: But there's three words in "office for windows"!
> > >ABBOTT: No, just one. But it's the most popular Word in the world.
> > >COSTELLO: It is?
> > >ABBOTT: Yes, but to be fair, there aren't many other Words left. It
>pretty much wiped out all the other Words out there.
> > >COSTELLO: And that word is real one?
> > >ABBOTT: Real One has nothing to do with Word. Real One isn't even
> > >part of Office.
> > >COSTELLO: STOP! Don't start that again. What about financial bookkeeping?
> > >You have anything I can track my money with?
> > >ABBOTT: Money.
> > >COSTELLO: That's right. What do you have?
> > >ABBOTT: Money.
> > >COSTELLO: I need money to track my money?
> > >ABBOTT: It comes bundled with your computer
> > >COSTELLO: What's bundled with my computer?
> > >ABBOTT: Money.
> > >COSTELLO: Money comes with my computer?
> > >ABBOTT: Yes. No extra charge.
> > >COSTELLO: I get a bundle of money with my computer? How much?
> > >ABBOTT: One copy.
> > >COSTELLO: Isn't it illegal to copy money?
> > >ABBOTT: Microsoft gave us a license to copy money.
> > >COSTELLO: They can give you a license to copy money?
> > >ABBOTT: Why not? THEY OWN IT!
> > >
> > >A FEW DAYS LATER . .
> > >ABBOTT: Super Duper computer store. Can I help you?
> > >COSTELLO: How do I turn my computer off?
> > >ABBOTT: Click on "START"..........
I understand that but considering his "apparent" need for funds and his current/planned issuance of new shares to get it and obtain fundings, I connot understand why he doesn't have that somewhat on his list of issues.
I realy want to beleive that somehow, some day, he will have a look at this issue but I have a harder time by the month.
Something wrong with this affair but I do not know what.
Whatever we look at (catalog, business shows, PR's, financials, ...) this story looks outstanding.
However the market says the whole company is only worth + or - $1,500,000.
The GAP is the proof that CREDIBILITY is THE issue.
Why isn't Matin focussing on THE issue? Only him and God know.
Considering he seems anything but dumb, he must have a plan of his that we may as well not know for the moment.
Can anyone help me?
I am looking for a great buying opportunity.
What I look for is a publicly listed company,
1- Having a sale history showing: $ 5.5 millions in 1999, $,8.7 millions in 2001, $ 13.9 millions in 2002, and $ 19.99 in 2003. Having a first quarter of $ 10.9 millions in 2004 and projecting sales in excess of $ 25 millions for the FY would be just great.
2- Having a continuous profit history such as: $ 1.3 millions in 2001, $ 1.65 millions in 2002 and $ 1.528 millions in 2003. A $ 857,000 profit in the first quater FY04 is also expected.
3- Having a total capitalization (value of the company as showned in the market) of more of less $ 1,500,000.
Na !!! Never mind ... such a deal cannot exist.
Thanks anyhow.
Try this:
Left brain, right brain.
> While sitting at your desk, lift your right foot off the floor and make clockwise circles.
> >
> Now, while doing this, draw the number "6" in the air with your
> right hand.
> >
>Your foot will change direction and there's nothing you can do
> about it.
This WILL drive you crazy (If Matin did not already did it to you).
Out here but what is there to talk about?
Do not hold your breath. I expect that to be the situation for months to come. My best hope: sometning may be worth discussing when Matin issue full FY04 results ... assuming he says more than usual.
Till then: ZZZZZZZZZZZzzzzzzzzzzzzz
I do not know who nor why but somebody is accumulating.
Are these shares coming from private fedup shareholders? That many in less than an hour, I doubt it.
Are these shares coming from the company? How many are left?
This has become a blind "bet". Let's see.
May all have a great weekend.
Notwithstanding a news release (granted one we are used to), it is obvious that the market isn't impress by whatever this company has to say ... Unles they address the issues that "investors" are interested in: Where do we stand and where are we going.
The first question requires behaving as a serious publicly held company, the second assumes some kind of respect for actual and potential shareholders.
May be time will help but short term, not much to expect (except may be actions from short term traders going aftre a few hundreds dollars.
"It seems apparent that Matin cares about growing the business at present and not about the price per share."
I realy would have no problem with that (I'm long).
What would worry me somewhat more is if it read:
"It seems apparent that Matin cares about growing the business at present and not about the profits he makes in USA".
My basic question is:
If Matin had stayed in Bengladesh, built a company generating high profit revenues of $25,000,000 and had a lot of retained earning out there, how much would our shares be worth?
I realy do not understand Matin and his continuos behavior obviously convincing no one.
Discussing it with my broker at lunch yesterday (he hates me fooling around with PS stocks but is paid well enough to follow me whenever asked) he said:
"What if Matin manufactures something in Bengladesh for 50 cents, sells it to his USA company for $1.00 and USA sells it to market for a very competitive price of $1.00. Matin's profit would be 50 cents (100%)(tax advantages of Bengladesh) but USA's profit would be $0.00. In this example, what do yourealy OWN as viewed by the american markets?".
We know that retained earnings (in Bengldesh) are very significant (Anne Tahim's report) but never see what revenues and margins are (or will be) made in USA (Matin doesn't split the bottom lines any more).
Notwithstanding available fundings in Bengladesh, private funding and selling new shares seem to be required right now to finance transactions in USA. I understand the tax implications of importing funds from Bengladesh to USA but are successes and assets out in Bengldesh significant for american shareholders and at what level?
Till Matin decides that transparency is required to obtain credibility, news releases will keep sounding very positive but the market will stick to a wait and see state therefore letting the PPS of 1 penny survive.
You may be right but I doubt that MM's would bother playing for 0.003 considering the volume.
Yesterday as an example only 766,000 shares were traded. Even if all were the object of a MM's trading, a maximum 0.003 difference would mean $ 2,300.
I doubt even such a most likely impossible scenarion would justify MM's implication.
However who realy knows?
"I do not believe that Matin has any plans to take the company private" ... as a matter of fact I do not know what to beleive ...
As for the ASM, based on past experience, with luck, we should find out about it early after it would have been held. In any case, if Matin can secure enough shares, he could control whatever ASM there would be.
As for your concern (to keep earnings in Bangladesh) this is another cloud hanging over this stock.
Unless Matin clear the air and starts behaving this stock will remain highly speculative and investors (not insiders or close to them) will not touch it. Therefore you may very well see 0.009 much longer before you see 0.40 ... if we ever see it.
As for the spike, I sincerely beleive that if we were to see 0.05, many,many shares would become available and PPS would there from be under a lot of downward pressure ... Unless the spike was justified somehow by facts.
This being said, I sit on my speculative shares (However I may have some out there with others if we see 0.05).
Let's hope
Someone wants it up ... someone wants it down ...
3:45:42 PM Trade 0.011 50000
3:42:26 PM Trade 0.014 50000
3:42:20 PM Trade 0.011 50000
3:36:02 PM Trade 0.014 75000
3:35:52 PM Trade 0.011 75000
3:30:50 PM Trade 0.014 50000
3:30:42 PM Trade 0.011 50000
10:53:06 AM Trade 0.014 41350
Thanks for your comment.
I keep trying to figure out why Matin does behave as he does (doesn't look normal to me) and this is only a based-on-nothing-speculation on my part.
The following may be an impossible (legal???) scenario but I put it out iin view of receiving comments ... who knows?
Could Matin (help by partners whenever required - step 4):
1- Purposely keep the PPS as low as possible (doing good up to now),
2- Keep the financials not audited and not reported (keep controls as distant as possible),
3- Build a company worth much more than the then quoted capitalzation,
4- Silently enginneer (as a silent partner) a bid for a buyout (100% of the shares) at a price better than then current capitalization (let's say $0.025/share),
5- Have the board accept it (he may even have the required vote all by himself)
6- leave the current shareholders on the sideline with a very small profit if any.
As I said I do not know if that is or not feasable but if it could, Matin would have used the market to build up his business then run away with it whenever done.
Comments ???
No. Someone (in the business) attended one of their booth and saw it for himself. He said that as a potential buyer (no need as of yet) he certainly put them on trial when he has to order again.
FWIW.
Having myself been in marketing for over 30 years, I am impressed by the overall marketing strategy and effort the company is putting up (shows, catalog, internet site, direct sales,...). It would be nice to know if it translates into orders in USA and in what kind of volumes. Considering the claimed quality-cost of their offering (verified personally by a contact of mine) they must have some success but who knows what the scale of it is or not?
Still cannot figure out yet why Matin doesn't do more to create credibility in the stock market ???
To sender.
"Just for the record,"
Cannot read this message in my mailbox.
Just for the record (this being done on a message board) and for those (if any) that may be interested:
1- I own 500,000 shares I paid for (starting in 1999)
2- I am not yet above my average cost (darn close however)
3- I do not even know how to short such a stock (even as a Canadian)
4- I enjoy this message board as a potential source of lead to my own DD (never anything for granted in here)
5- I do not enjoy messages being affirmative about the intent of anyone in here, not having a clue who he realy is (this is an anonymous board)
6- I beleive Veltex does exist
7- I do not know how successful or not it REALY is
8- I have opinions but have not yet found out why Matin does behave as he does
9- Notwithstanding a lot of direct communications with people closer than I to the company and Matin, my DD has yet to be totally reassuring
10- I enjoy exchanging opinions herein with whoever is interested and try (as much as I can) never to answer those insulting me.
FWIW,
Great advice (worth being repeated now and then).
My understanding is that the company called for investors, as a potential one you did ask for relevant information and they gracefully accepted to answer your request.
Unless you were SPECIFICALLY NOTICED that the sent information was confidencial (and even then, you would have had to agree to get it in this context BEFORE it was sent to you), I do not see any risk for you to release it. Worst case the rep of Veltex could be in trouble if he wasn't authorized to send it but the company would have no recourse againt you (unless they FORMALLY advise you of the confidenciality of the documents you would have received inappropriately.
Bottom line, I see no issue here.
Whatever activity is the consequence of traders buying low (0.01) and selling high (whatever that is) LOGIC doesn't prevail and facts are irrelevant. Therefore what they did yesterday is caused by nothing but speculations that buyers may come around for whatever reason.
However, my view is that some "LONG" investors are accumulating gradually chipping in now and then few dollars (100,000 shares only cost more or less $ 1250) to grab whatever shares are offered by the above people and/or soft hands moving away. These "investors" for reasons of their own, do (as I) beleive that Veltex is a real company and one of these days, it (Matin) will do whatever will be needed to have the stock reflect whatever the company will be worth.
In this context "apparent" activity (worth few thousand dollars), considering number of shares will happen now and then for no obvious reasons as it did at the end of the day yesterday.
The fact of the matter is it represents small changes for buyers having "LONG" objectives at a reasonnable risk.
"Why did it go up yesterday? Why did it go down last week?"
Only thiose directly involved (buyers and sellers) do know.
Only my point of view ???
Who knows? Nothing special became known within the last 24 hours justifying the large buys of yesterday at price 30 to 50% than usual.
However, my opinion (only) is that someone is accumulating all shares that were put out by soft hands trying to escape with breackeven or some profit.
Again this morning, 12 trades within les than 2 minutes totalling 70,000 shares at prices between 0.012 and 0.015 (remember millions of shares are there at a 0.01 or less cost).
10:50:14 AM Trade 0.012 5000
10:50:08 AM Trade 0.015 5000
10:49:52 AM Trade 0.012 5000
10:49:48 AM Trade 0.015 5000
10:49:20 AM Trade 0.012 5000
10:49:14 AM Trade 0.015 5000
10:49:04 AM Trade 0.012 5000
10:48:56 AM Trade 0.015 5000
10:48:30 AM Trade 0.012 15000
10:48:26 AM Trade 0.015 5000
10:48:26 AM Trade 0.015 5000
10:48:26 AM Trade 0.015 5000
But what do I know???
Almost 1,000,000 shares were traded at 0.013 to 0.015 within 10 minutes (3.44 - 3.55) right at the end of the day.
Who bought that? Someone accumulating?
Where do these shares come from? from discouraged small investors happy to get 30 to 50% more than was available for many days?
If what has been released by the company up to now is true (and I beleive it is more than less) this stock shall be worth a lot more whenever:
step 1- Matin can show in the $ 5,000,000 range revenue (shares in the 3-4 cents range)
step 2- When financials are audited before they are released and reported shares in the 10-15 + range)
My view: these steps could be completed before mid 2005 (step one) and when fiscal year 2005 financials will be released as audited ones (February 2006). Would be nice if both step could be completed by February 2005) ???
My opinion is that, this is Matin's general plan. He spent 2 or 3 years putting up the Bingladesh operation and decided (end of 2002)to do the USA phase (Marketting-selling) within a similar time span (notwithstanding past difficulties ... tranport +).
Then he (with those having stayed in the long run) will do whatever has to be done for him and these shareholders to cash in seriously.
I obviously would like everything to go faster (as often expressed) but the more I look at it the more I beleive that Matin is going along this line, letting crying small shareholders (Count me in) complain.
Just an opinion obviously ... but I share it ... therefore intend to sit on my few shares.