In May 1999, Dundee Bancorp Inc. had 26,027,329 shares in BHK or 21% of the outstanding Common shares.
If you lose, they lose.
Two other big shareholders are REPADRE (recently their stake was more of 10%) and JASCAN.
DUNDEE BANCORP controls more of 15% of REPADRE.
Directors and officers are equally big shareholders.
On May 18, 1999 for example, Gordon F. Bub, Charman and Director had 2,296,841 shares. (Mr. Bub had a loan toward BHK of cdn $425,000 who is guarantee by his common shares in BHK.)(If BHK go under, you can be sure that the syndic will ask for this money.)
The exit C.E.O., Mr. Ogryzlo had 582,350 shares.
Like you can see, if BHK go under, they will have a lot of losers, not only small shareholders.
The problem with BHK is not that they hedge their production but that they require by their banker to have margin requirement to cover the value of all the calls outstanding even if BHK has the reserves underground to guarantee those calls.
Personnaly, I think that their banker has no interest to put them in bankruptcy.
Yours truly,
Gilbert Leblanc
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