I am still open minded...the pr at least addresses everything but falls short of having ANYthing actually completed or explain how the Irish can take this private. It is still a "happening soon" pr and I hope it is the truth from there perspective. Why didn't they state they were fighting a takeover attention long ago? Did I read it wrong, ...did it say they carefully say they thought it was a "bad idea" for the Irish to take this private...which the Irish might agree with...plus, is the money coming via pack animal over Mongolia? Staying open minded..please give me more
i for one am more concerned now than before. let's look at the PR. what does (or doesn't) it say. we can conclude the following:
1. money has not arrived. 2. construction on the poland plant has not begun. 3. an up-to-date financial audit is not complete. 4. the chill has not been removed. 5. no resolution in the battle between the irish and ipwg. 6. no valuation complete (per the ames deal). 7. books are not open for viewing.
why are these issues?
first, with regard to the money - post 9/11, the patriot act was established which imposes more stringent requirements on money transfers. given that the money was supposed to come a long time ago, is it that ipwg does not have the expertise to complete the money transfer? is there another problem unknown to us? is the money actually in? or, what? the PR gives us no concrete answers!!!! benvengo states in the pr that "...€5,000,000 is in transit to us from overseas and we expect to announce that we have in fact received the funds very shortly." i can wait, but for how long? we don't know!!
second, with regard to the chill - benvengo states "the Company announced that it was hopeful that a negotiated settlement could be achieved..." as i stated this weekend
i don't believe the chill will be removed. the SEC likely required ipwg to become fully compliant (books complete only through 2008). i don't believe this will happen because they will have to present their audited "books" up to date. in order to comply with a likely SEC request, ipwg may have to file an S1. given that ipwg has been working on the "books" for about 9 months, and given how easy it should be with a skeleton staff, no revenue, and minimal expenses, something is clearly wrong. what is wrong in my opinion is that either ipwg can't complete the books (auditors won't sign off), or they won't comply (it will show that the "books" are "cooked") with this likely requirement by the SEC.
third, with regard to the poland project - benvengo states "We remain anxious to move forward with this project in Koryciska, Poland..." this statement gives me concern. why? does benvengo understand the term "anxious"? it means apprehension, uncertainty, worry, unease, or anxiety. i would have hoped benvengo would have used the term "excited"!!!! if the money is nearly here, why is he anxious???
fourth, with regard to the irish takeover - benvengo states "...the Board has rejected the recent overtures by an investor group led by John Gildea and Paul Sweeney to take control of the Company to effect a going private transaction..." ok, ipwg understands that the irish cannot take over the company, hence the statement "to effect a going private transaction". however, what about the valuation that was to have been completed by now? what is the evidence they want to takeover? maybe the irish are more competent? we just don't know and the PR provides nothing!!
lastly - the PR provides no concrete evidence or information regarding the multitude of other issues that are faced by ipwg and the shareholders. in my opinion, this PR presents nothing to the shareholder, and makes me very ANXIOUS!!!
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