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Saturday, March 13, 2010 11:18:57 AM
As of September, there were 1 million preferred shares issued and held by the Company officers. This number may have changed. So, they have 1 billion votes at a bare minimum.
With the dilution since September, it is unknown how many common shares are still held by the Company. The Company may have many more than we know of in the way of common shares.
It is difficult to ascertain the true share structure to determine if a shareholder vote is even needed. Perhaps that is why legal counsel was sought, to make sure they could either proceed with or reject the offer.
Further, legal counsel will need to investigate the offeror to ensure they can even execute a buy-out plan as proposed. It is not uncommon for a small fish to try and eat another small fish and not have the mouth (means) for it.
We'll find out more on Monday.
Personally, I hope the offeror has the means to follow through and is able to execute the deal.
GLTA
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