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Looks like Jeff was just fired.
https://ih.advfn.com/p.php?pid=nmona&article=78615086&_ga=2.78530640.5742557.1541424729-116303398.1528907291
Enterprise Diversified Announces Changes to its Senior Management and Board of Directors
https://www.otcmarkets.com/stock/SYTE/news/Enterprise-Diversified-Announces-Changes-to-its-Senior-Management-and-Board-of-Directors?id=206078
They are using the money to invest in their HVAC and asset management operations. Time will tell if those investments are worth the dilution. I'm giving them the benefit of the doubt for now.
I've been wondering the same thing. It seems no one here knows either.
"I'll give it a chance to play out before I pass judgement but I better not see big salaries being handed out to the new guys or I am out of here and will let my shares flow into the market"
I agree. I'm giving them the benefit of the doubt right now and holding on to my shares. Running a public company is expensive for such a small company, so if they use the added funds to invest in growth, that could benefit shareholders in the long run. Time will tell, it is certainly been an interesting company to own and watch.
They just increased the number of shares by more than 100%.
Sitestar Announces the Creation of HVAC Value Fund LLC and Comments on Its 10-K Filing
http://finance.yahoo.com/news/sitestar-announces-creation-hvac-value-173000925.html
No one outside the company knows what is up at this time. In a nutshell: Accurate accounting and bookkeeping wasn't the previous management's strong suite. Once the current management sorts though the mess and starts filing again we will all know more.
It appears that way. It wasn't me, I haven't purchased any in over a year now. While the numbers look promising, the future of this company will depend mainly on new management's ability to execute. Time will tell.
If you look at their total stockholder equity on the last quarterly report it was $4,180,490. Subtract the $90,000 settlement and add the $900,615 that they are no longer liable for and you get: $4,991,105 which is significantly above the current market cap. Subtract the goodwill and you get about the current market cap. This ignores the income that will still continue to come in from the internet business (maybe $3.5M-$4M over the next 5 years) which could be spent on new properties and/or buying back stock. I think it is under-priced currently.
"terminated Frank Erhartic for cause from his position as president and CEO of the company effective immediately. Mr. Erhartic also agreed to resign his position as a director of the Company effective immediately."
"The board has appointed Steven L. Kiel as interim president and CEO."
"Sitestar has settled its dispute with United Systems Access for $90,000. This settlement extinguishes the $900,615 claim United Systems Access previously had against Sitestar"
http://ih.advfn.com/p.php?pid=nmona&article=69710655
I'm frequently amazed at the small transactions in this stock.
Right now there has been one trade today of 195 shares for $0.048/sh.
That is a trade worth all of $9.36! If they paid say $8 in commissions then their cost basis is $0.089 on those shares.
Interesting. Looks like there's been a settlement.
That makes sense. Sorry I didn't know you were referring to the poll on this board, I thought you didn't realize that you had the option to vote for a subset on the proxy itself. I can see why you feel that 9 directors is overkill for such a small company, it probably is.
beezer34, on the proxy I received in the mail I had the option of either voting "for all nominees" or checking only the ones I wished to vote for. I'm sure if you look again you will see this. I voted for all nominees, BTW. This company is not presently being run like a public company.
Lebaneseproud and Giff thank you that is exactly what I was looking for. So, to summarize, you trust Frank and see the new comers as unknown quantities. Fair enough and completely understandable. Both parties are relatively new to me, so I don't have more trust in one than the other. This is where our different perspectives are coming from I guess.
I was attracted to SYTE in the first place, because I thought the strategy of milking the dial-up business to bootstrap the company into real estate was an interesting one that has potential. As I said in my last post, the company seemed to be opening up to shareholders last year, and doesn't appear to be badly managed the way many tiny companies are these days: No issuance of shares, no ridiculous compensation plans, no taking on massive amounts of revolving debt, etc...
I haven't seen the shareholder group mention anything other than holding board meetings and annual meetings. If there has been talk of a take-over I have missed that.
I do find it comforting that a shareholder of 14 years feels comfortable with Frank and trusts him as you do. But at the same time I agree with the shareholder group that he should be holding regular board meetings and an annual meeting.
As for the questions you asked about why does the group keep adding shares or what their ultimate intentions are, I can't answer those questions, because I am not part of that group. I can speak for myself however. I am not personally adding shares right now, because I'm comfortable with my current position and I don't like to hold too much in a small company like this. I want to see how this all plays out before considering adding anymore. From my perspective I'd feel more comfortable if the two sides where talking to each other rather than fighting it out.
Thank you for answering my questions.
I've got a question, mainly for 'Lebaneseproud', because I find his posts the most baffling, but also for anyone else who is a SYTE shareholder.
First some background. I'm a SYTE shareholder who is not part of that shareholder group from the filings, I'm just an individual private shareholder. I started buying SYTE about a year ago when I saw them apparently starting to open up and start behaving like a public company (adding an outside independent director, holding a shareholder info chat, etc). But that was 2013, in 2014 it seems SYTE is returning to acting like a private company again: not holding board meetings, or even an annual meeting, not communicating with its shareholders or even its outside director. My questions are:
1) Why does management's actions not seem to bother the shareholders here?
2) Why the animosity towards the activist shareholders, who apparently just want management to do what they are supposed to do anyway?
3) What have the activist shareholders said/done that is wrong and/or bad for the company?
Please help me understand where you are coming from, because from the perspective an an outside shareholder who has only owned SYTE for about a year, your posts here are baffling to me. I'm not looking for an argument. I really am just trying to hear the other side, which I haven't yet heard and don't yet understand. Thanks.