Re: "I have lost all faith in Viscount's board of mis-directors.. They appear to be filling their pockets and to hell with the poor shareholders."
The other day I posted a cryptic message and thought I should follow up as it relates to your post since the recent small financing may have ramifications that are much more serious than issuing options and a probable breach of fiduciary duty. I never followed up the post because I didn't want to throw out unwarranted red flags and I can't be sure. Yet other people who own more shares than me who worry about the Class A deal Raefield put together to get his 9M options.
So get this and I may be wrong but it appears that by selling 2.9M shares of stock at .08 CDN to the new director who represents the Class A shareholders, the deal may have invoked the anti-dilution clauses of the same Class A shareholders and perhaps other shareholders? Simply put, Raefield appoints a Class A director. The Class A director buys 2.9M shares at a discount. Then the Class A shareholders get the equivalent of around 2.9M shares for free for doing absolutely NOTHING because the financing was below the anti-dilution price, all at a time that Raefield says the company does not need cash.
This appears to be self-dealing at it's worst and appears to be a payoff from Raefield to the Class A guys. I can't say for sure this is true but my math seems to say so. If VSYS was a large issuer large common shareholders would be talking to their lawyers.
Now, I believe if the Board did do such a small transaction that triggers the Class A anti-dilution provisions they may have gotten the Class A shareholders to do a waiver. But in that case they would probably have to file an 8K and they haven't. At the same time if they Class A shareholders did win the Raefield lottery this would seem very material and they should also file an 8K and they haven't. So, I'm simply confused.
If anyone knows more please fill me in. Or I can simply wait to see the next few rounds of Class A dividends and then know for sure whether this stunt was pulled.
