The Agreement that was announced calls for a buyback price of .01, and a maximum of 200,000,000 shares. Any change to the Agreement must be announced to shareholders. Therefore, it is clear they are not buying per the terms of the Agreement.
If they buy on the open market, they still can’t exceed the 200,000,000 shares, and at .0001 this would only cost $20,000. For a company with no money, and no upside share price, pretty safe bet they did not/will it buy any shares.
They haven’t communicated for months, no product reviews from customers for 6 months, turned over 2 Directors in 4 months, still list the Director who left 4 months ago as the email contact for the company, missed the March 1 new product launch date and didn’t tell shareholders why, and on it goes.
This is the Agreement:
The Repurchase Agreement is for a maximum of 200,000,000 shares at a price of .01. There can be no change to the Repurchase Agreement without notifying shareholders.
Additionally, buying 200,000,000 shares on the open market, at .0001, is only $20,000. A far cry from the $1,000,000 that was authorized and it would have absolutely no visible impact . There were almost 140,000,000 shares on the ask on Friday, at .0001, so the company could basically buy the maximum amount under the Agreement, on any given day.
The purpose of this announcement is to inform you that our Board of Directors has approved a Share Repurchase Agreement (the “Offer”) by Vet Online Supply, Inc. (the “Company”) to repurchase an aggregate of up to 200,000,000 shares of its outstanding common stock (the “Shares”) at a purchase price of $.01 per share, or $2,000,000 in total
The Offer is, however, subject to other conditions as described in the enclosed Share Repurchase Agreement, including the following: (i) if the Offer is oversubscribed, the Company’s acceptance of any offers will be scaled back, on a pro rata basis; (ii) the Company will not purchase more than 1,000,000 Shares from any offering shareholder; and (iii) the Company will not purchase more than 200,000,000 Shares, in the aggregate, pursuant to this Offer, (subject, however, to the Board’s sole discretion to increase such aggregate number).
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