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Sunday, January 21, 2018 12:15:50 PM
As you've suggested, they could convert their 71% into 51%+ of voting preferred, but as I pointed out, that frees up 310 million shares to be sold, just the same as increasing the A/S by 310 million shares, other than move their claims ahead of common shareholders in a liquidation.
The problem is any capital raise requires new investors to value the company at far greater than its net assets and while it's true that operating companies with profitable businesses often see that situation, Delfin is essentially just beginning a massively expensive project whose success will be unknown for years.
Of course I look forward to your expectations for what actions Delfin can take that will keep the current market cap of $75 million, let alone increase it significantly.
Please be sure to include specific figures.
Anyone have a scenario they can put expected numbers to? Anyone?
"There's a sucker born every minute, 2 to take him and 4 to lend him toxic debt" PT Barnum's investment advisor.
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