GNCP: From the CL: Does this sound like dividends have been officially promised? They have ZERO CASH, so preferred shares must be exercised...
By the way, how's those Bouse and FFGO divis? 10 years goes so fast..
Insofar as the Dividend process is concerned, your Directors have familiarized themselves
with the process as this was “top of our agenda” in August of last year.
Now in order to undertake this exercise, two items need to happen; and as follows:-
Your Directors will need to “strike an amicable and sensible” deal with the holders of
certain Classes of our Convertible Preferred Stock given that these certain classes are
effectively secured by some of these Exploration interests. Secondly, this would amount to
a Corporate Action, meaning that a Dividend Declaration, Record Date and the Pay Date
would require the prior approval of FINRA.
Your Directors wish to point out that a disposal of these assets would render our Company
as a “Shell”; that is not in the best interests of our shareholders. Hence our acquisition
policy which I address further on in my letter. A real win for all of us would be a disposal,
dividends but our still having a revenue producing and profitable Company continuing to
do business; and successfully.
Your Directors will be dealing with these various issues and to their utmost to secure a
“win-win” deal for our shareholders and for those aforementioned secured Convertible
Preferred Stockholders.
