Agreed. I don't think it makes sense either. Maybe there are some that are selling to offset profits and tax liability.
I'm supposing what we are seeing is some shareholders that have and are giving up and selling shares at the current levels before the price goes down further. As I posted before, it's always a tough call.
I believe the disclosures about the accounting or auditing firm not signing off on their previous audits (which is dumb). After arguing and debating with the old auditor, and receiving the CTO in the process, FRTM paid their new accounting firm to re-audit their prior filings.
Having done all they could, they've been at the mercy of the Alberta Stock Exchange bureaucracy. They've tried waiting, they've hired lawyers and litigated, and still nothing. It's sounds bizarre and it is.
Through it all the company has been hamstrung, stuck in a sort of limbo. I think the resignation of these board members and management was an indication of their frustration with the Alberta Stock Exchange's inaction.
I believe the company has basically put itself on pause until the CTO and accounting matter are resolved. I'm confident FTMR's assets (gas and oil properties) and share structure are all in tact. If progress is ever made with the CTO being lifted, I'm thinking and hoping that we will be back in business as before.
Could I be wrong? Sure. But to me the risk reward ratio makes FTMR a pretty attractive investment.
We shall see.
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