Let's address this go private yet again!
1. VRNG is not cash strapped. They have $21-25 million in cash on their b/s and have 4 years of operating runway according to their filings as we know for FACT.
2. The second point "buying $21 million for $18 million. Not sure where to start on this one lol!
A. Initially suggests VRNG is cash strapped (as rationale for a management buy out) then admits VRNG has $21 million! A bit odd but I digress.
B. I just explained how a company goes private, that it can't be 'stolen', that the company is valued relative to precedent transactions where shareholders would have to see a MULTIPLE OF BOOK VALUE AT LEAST, and that SHAREHOLDERS STILL HAVE TO VOTE AND APPROVE ANY CHANGE OF CONTROL...yet....here we are repeating it again. All of this is overseen by an independent third party (investment bank), who puts their legal name on the line, as does the board of directors. Oh by the way, I have never seen a company purchased for less than net cash value. Not sure where you get to buy a dollar in this world for less than a dollar after extinguishing debt. Let me know where we can all do that since that would be a terrific way to make money!
C. I posted information on SEC 382 tax treatment and why the shareholder rights plan was needed. This by itself should render the point of a change of control for tax purposes moot since that was the purpose as per the PR/the info I posted etc. Yet, its almost as if all of the information I posted has not been read, the PR was not read etc.
3. As per 2a, 2b, 2c, I have fully explained why the ideas behind this management buy out are nonsense, suggest those who aren't understanding it, reread, reread and reread my posts until they do!
As always happy to educate!
