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Saturday, April 29, 2017 10:59:36 AM
First, freeing up the shares was critical and there was no way the company would have been able to ask for an increase in Approved Shares. NONE! In fact, I raised the issue some weeks ago with Dianne and received a typically curt response; in no small part because I had other issues – like her/the company failing to tell shareholders about changes in senior management, which she did not think important enough – this despite having done just that on previous occasions. (If you are not sure what I mean, look up the last CC and previous PRs about people coming to the company as members of management and the BOD.)
Second, the shares freed up provide an obvious funding opportunity needed for additional trials/FDA submissions/operations. I would rather that not include LPC. As the most recent deal is concluded, they served their purpose and its time to move from them to a partner.
Third, on that point and the shares freed up…Does it really benefit a partnership? How so? A partner should be giving Elite money on some scale, not getting shares. Am I missing something?
And, that brings me back around to the Nasrat agreement. I read it three times to make sure I understood it, but I still may not. However, based on my reading, concerns about a 20% dividend payment in four years are poorly conceived. Why you may ask? It is in this wording…“Upon liquidation, dissolution or winding up of the Company, holders of Series J Preferred are entitled to receive for each share of Series J Preferred Stock, pari passu and pro rata with the holders of Common Stock, out of the Company’s assets, an amount equal to the amount distributable with regard to the number of whole shares of Common Stock into which the shares of Series J Preferred held by the holders are convertible as of the date of the Liquidation regardless of whether an Authorized Share Deficiency exists.” That is the buyout scenario and it will happen before any dividends get paid.
Oh, to that point, there was a statement about Elite being bought for a price that is too ridiculously low to repeat. Rather, in arriving at a fair price think comparable acquisitions and forecasted revenues.
Anyone having read my posts knows I choose my words carefully, so please read these carefully so as to avoid illogical conclusions. And, I welcome any insights offered. After all, that is the purpose of this board.
I will leave it there.
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