Unfortunately, that's not what the letter means. The video is incorrect. Most will not accept this but this is the what is:
That letter is to approve the rights listing for investors to buy.Not for buy back of shares.
Although a buyback is what the stockholders would like to see, that is not what a right is. A right is:
Rights give stockholders entitlement to purchase new shares issued by the corporation
"Rights issued give first dibs to current shareholders to partake of new shares of the company for a discounted price, before the shares are made available in the public markets. However, the addition of new shares to existing shares in the market creates a share dilution where each share owned is devalued. "
Direct as noted in the filing:
"Accordingly, if one assumes a Market Price of Cdn.$7.50 per Common Share, each Right would allow a shareholder to purchase six (6) Common Shares for Cdn.$22.50, effectively allowing the exercising holders of Rights to acquire the Common Shares at a 50% discount to the then prevailing market price. Based on an assumed market price of Cdn.$7.50 per common share, the resulting issuance of six (6) Common Shares for each exercised Right would create substantial dilution. "
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