We have all seen BGMO's press release announcing acquisition of GreenSafe in the fall of 2009. We also know that the former Hamilton based staff of GreenSafe were shown the door in 2011. We know that Bergamo had made representations to BB Solar that GreenSafe was still part of BGMO at late as early 2012. The big increase in the BGMO float came well after the departure of the former GreenSafe head office staff.
It only seems logical that they were not the recipients of any BGMO shares.
Whether HH, SP, or the remaining former GreenSafe staff purchased or received any shares is not known.
Mr. Swire told me a some time back that he and the Hamilton staff never held any shares in BGMO. He did tell me that in late 2009, he asked that every director and officer of GreenSafe advise him if they held a position in BGMO. Mr. Swire expressed a concern not to be caught trading with insider knowledge. Having been assured that no GS person held any BGMO stock this was not an issue.
A management circular prior to a shareholders meeting would give any light on the major shareholdings and issuances. I cannot seem to find any report like this. Since I am a shareholder although small, can anyone tell me when the last meeting was? I have not had a notice.
We have seen a copy of the resolution made for the issuances of 29 million warrants to each of BGMO's directors. The language and style seems to be similar to that used in the recent amending agreement with VSTA. I think it is more than likely that the warrant document was real.
Given the timing of the growth in the number of the outstanding shares, it is likely that the warrant price was reduced to reflect the market price at the time that the issued shares increased.
Why would anyone want to pay more than the market price at the time? Was the price cut to the par value or to say a penny? We would not know the answer to this as financial statements have not been issued since September of last year. No year end numbers or even half year numbers.
