Frank, Leandro, and Archangel, ditto - about 90%.
Basically, I agree with you three. This is not a good turn of events, but it's not the end of the world. Sungold has not been delisted. The regulatory deficiencies can be resolved. The VSE is giving SUM a rough ride. Think of all the junior mining companies that get listed with little in the bank, few prospects, and questionable management.
Sungold has a responsibility to shareholders to start trading somehwere, perhaps the ASE, CDN, or NASDAQ pink sheets. Any company can have multiple listings.
Personally I think that Hans should consider bringing in some management help, or a financial/operator partnership. I think it may be time for him to give up some equity to bring in some money and experience. I hope Sungold is seriously thinking about what it will take at this stage to advance both the projects and shareholder value. It will not be enough for them just to start trading somewhere else. No one knows the actual status of the financial/operator negotiations, but it appears they were not sufficiently advanced to have a material effect on the PLAC. Even if we blame the listing problems on the VSE/member firms, there is still an argument that Sungold needs more help to deal with regulatory and financial problems.
Let's wait to see how the company responds. I hope that they chose to deal with this obstacle by growing into a bigger, better, stronger company. Such adjustments may be painful to the existing majority owners, but IMO the time for cosmetic adjustments, or changes of trading venue has passed. I think it's time for some structural changes in the company. I'll wait to see their next announcement before saying more. |
