O.K. here is the deal.
Wave thought they were going back to the same percentage they had back before the split. They did not even give the 500,000 a second thought, because that what it was before the split.
To change it now would require re-scheduling the shareholder’s meeting and issuing a new proxy. The cost of doing this would be about $100,000, when you figure lawyer costs and mailings. They have a ton of shareholders and a huge mailing. The proxy has already been sent to the printers and all the lawyers have signed off on it, and is it the process of being mailed.
Steven said he has gotten our message loud and clear. He is willing to talk to anyone that has any questions. You can reach him at (413) 243-7011. He will be in the office tomorrow.
Here is what is at stake. They are basically out of options. If the option part of the proxy is defeated, they would have to call a special meeting to pass another proxy.
If we vote our 25% of the outstanding shares against this proxy, it would defeat it. It is the number of shares that are voted, a simple majority carries the vote. So, even though there are 42 million shares outstanding, if only 30 million vote, and 25 million are no votes, it would defeat the proxy.
He said that normally the institutions do not vote, so only the votes that are actually sent in, count.
If you defeat this proxy, it will set the company back, and add costs to the company. They would then have to put together another proxy, get the lawyers to sign off and do a mailing that will cost about $40,000.
The decision is now in your hands. I AM FINISHED
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