Petal,
What could be more disconcerting is an O/S in the few millions and an A/S in the billions. Think about that! If that differential doesn't change the only way real money is coming in here is through establishing real corporate governance, or years without execution of the possibility of massive dilution. The Sword of Damocles that KK unilaterally yields with the dilution potential followed by privatization will deter real money from venturing here. This is not an opinion but a stern lecture given me by several, shall we say well-to-do, hedgers. I really think that many of the positive events that we are envisioning for GERS will happen but the PPS is going to be stuck until this fundamental issue is resolved. The people who are taking out their pencils calculating revenues from the licensees, estimating income for GERS, calculating P/E ratios and coming up with expected PPS estimates are going to be sadly disappointed. I believe that GERS is not and will not trade by any traditional measure; until KK takes care of the governance issue we are stuck unless the differential is eliminated. I think that KK will ultimately do this as it is in his interest to do so. But that will be years from now and why I have always stated that you must take a very long term view here. In short, you are absolutely correct.
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