GNCC Capital Inc (GNCP)

[TenKay]

"We are proceeding with the stock repurchase as updated"

"Updated" is the key word. NOT as originally intended...but as updated. And the "update" has the repurchase no longer occurring as a "market" buyback...but as "purchase" of the shares in a private transaction in exchanged for convertible preferred.

That will do nothing for the PPS.

As for the line...

"and no, we are issuing any additional Convertible Loan Notes to fund any stock repurchases."

You realize don't you that they leave out the fact they are using CONVERTIBLE preferred shares...which from the perspective of a common shareholder are NO DIFFERENT than convertible debt notes. In fact, they are WORSE...because the Preferred B is convertible at a 50% discount to market. None of the convertible notes are even that bad.

...sneaky sneaky Mr. Lumb.