Voting on warrants
When you vote to accept or not accept the warrants, you are voting as a 'class' along with all of the other existing common shareholders. Unless a majority of the common vote no in that class, everyone will get the warrants.
The outcome or effect is on how the majority votes in the class for the common stock; so even if someone votes NO for their common shares, but the class votes yes, then everyone gets taken in as having voted yes.
It is also possible that even if the common share class votes to reject the plan, that the plan will still get done if the classes higher in priority all vote YES to accept the plan.
I am expecting the plan will get approved and confirmed, since I do not see any other reasonable alternatives.
I am surprised to see that the warrant amount got raised from 10% to 17.5%, the only problem is the strike price will be so high that unless gold rises to over $1,600; the warrants may never have any value.
Louis J. Desy Jr.
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