I would also love to see good things here as well, but maybe you can get KA to explain the misinformation in the news article I have listed below. You can't just ignore the fact the numbers are wrong, and it doesn't look good on the company or the new CEO.
Quote:
--------------------------------------------------------------------------------
Ken Ash a 25 year veteran of the other side of the market, has stepped up to become CEO of a restructured Indocan Resources, the company will not dilute shareholders and aims to cancel 1.5b of the 5.7b on issue as well as initiating a buyback.
--------------------------------------------------------------------------------
Just has to make you wonder who wrote this misleading piece of information that's called news lol. I'm all for giving anyone willing to take over a castrophie and try to build something for shareholders the benefit of the doubt, but this information leans heavily on the side BS, and leaves questions unanswered.
The OTC was updated on APR. 28, 2012 and states the following.
Issued and outstanding: 7,407,945,445
Float: 5,590,110,208
Question #1- Since the 5.9 billion share mentioned in the news release are actually already in the float (not restricted)according to the OTC website, then who is he going to get to surrender 1.5 billion shares he states are going to be cancelled.
Question #2- On top of cancelling 1.5 billion shares, he also states the company is going to initiate a share buyback. To make a buyback meaningful with the amount of shares outstanding would take a considerable amount of cash, and I wasn't aware the company had those types of funds.
Would love to see clarification to question #1, and the answer to question #2.
