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Gold/Mining/Energy : Thermal Control Technologies Corp TCT (was Redux Energy)
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To: Edward W. Richmond who wrote (829)7/5/1999 7:22:00 PM
From: Saverio  Read Replies (1) of 1208
 
A few comments, off the top of my head.
- Grant is most likely right when he attributes the weakness in share price to directors selling shares to repay their loans. Fact is, they are loosing some money in the deal.
- As far as being upset at the time the directors granted themselves a loan to buy shares, it was not as bad as it looked. I had raised the point at the shareholders meeting (after the formal presentation); the directors could have acquired the shares without a loan, but they would have had to sell shares from options-then-in-the-money, thereby depressing the share price. Instead they opted to acquire the shares by recording a receivable backed by personal notes (and booked as director loan)...this did not involve an actual loan of cash by the company to the directors. I was and still am quite satisfied about that transaction(...after having received that explanation).
- The good point is that the company is not going bust.
- How good or bad the lease agreement is will depend on the conditions. One thing I am curious about is how much cash they will be getting; hopefully there will be some cash left after having rectified the working capital situation; that cash could then be invested to assist in the debenture payment in December 2002, thereby limiting the size of the refinancing.
That's all; nothing much to comment on until we get more details.
Cheers.
Saverio
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