Phrocks, the 8-K resignations are not great, but I suppose it basically puts the company on hold until it returns to normal trading status.
I think the company will continue and eventually go forward with it's prior plans. But for right now, Alberta Stock Exchange and those who control and influence it are content to let FTMR languish.
So long as the company has the CTO, it is in effect hamstrung. I don't know much, but from I can gather. I think it is to the point of intentional obstruction to the unintended consequences of centralized government bureaucracy.
Generally speaking, markets and investors don't like uncertainly. I think FTMR will be in a holding pattern until CTO matter is resolved.
On the bright side the company has not been issuing shares many shares and the filings continue to be up to date (I'll assuming we'll see 2nd quarter 10Q but who knows at this point). I don't think there are many companies to be found with assets worth hundreds of millions and potentially billions if they actually get them developed and put into production.
Depending on how things go, I think their may be some bargains to be had in the next month or two, but I also think the share structure is pretty strong/tight. The vast majority of shares were issued to purchase/acquire some prime petrocarbon real estate. Of the remaining shares, 14-15 million shares in the float and are (or at least were) in pretty strong hands. Tight enough to trade at $3-$4 per share for quite a while.
As the posts on this discussion board shows there certainly is good reason for dismay, but I don't think managemment is directly culpable for the current set of circumstances. This is probably a minority opinion, but I don't know that they could have done more. With regard to their financials and audits, they've done double the work and paid their new form re-audited their prior 10-Ks and 10-Qs.
But in the end here we are. The market reflects the frustration we all feel. Deciding or figuring out the best way forward is what the company is doing, and it's what we as investors are going to have to do too.
Watch for opportunities with those you trust.
