It's late tonight, and this let bygones be bygones mood has my tired head swimming. Where is Macros? I think he'd have an appropriate reply. But since he's AWOL, I better stop this love-in mood before I get too nauseous watching it
If I recall rightly, there was a NR that disappeared (Macros was very good about giving us the URL on the missing NR). I think that was the NR where WSP said there was going to be 2.2 million extra options if they could get away with it. Then, the next thing some of those who got their proxies (not Surething or me, or presumably a lot of other US shareholders) found out was that the 2.2 turned into several million more. ( I'm still not clear on whether it was a total of 6 million shares or what, never having gotten my proxies- but it sure was a lot relative to the previous fully diluted number - 20% more some have said).
Why was it that WSP needed these extra options? To entice geologists to stay on board what some here believe is the best geology find since West Texas oil was discovered? It just doesn't make any sense to this threadster. 6 million new shares at 80 cents per share is only about 3.4 million US dollars. Dilute the shares by 20% and gain $3.4 million in the company treasury. Doesn't sound like a very good deal for the people on this thread. If the winter program is a success, as Chris and some predict, all WSP would have to have done is waited a few months and they could have made a secondary offering at prices over $5, I would guess. To get $3.4 million US at $5Canadian per share would only require less than a million shares, instead of 6 milion shares. But I'm only looking from the point of view of shareholders who own the company, not the point of view or the Directors who want to make as much as they can while longsuffering SH experience huge "paper" losses. (There is no such thing as a paper loss! So says every market professional who has any credibility)
And Walt, maybe all these options shenanigans are SOP for VSE companies, but that sure doesn't make it right, does it? You might ask yourself this question which is a variation on the Golden Rule (forgive me for being so naive as to expect fiduciaries of a publicly held corporation to adhere to such an unreasonable standard of moral behavior as the Golden Rule!); but if you, Walt, were CEO of a public company with $9 million which would last you a few years, and a potential to hit pay dirt in a few months, would you dilute your SH equity by 20% to line your pockets at their expense? Would you issue a NR saying you were going to try to issue 2.2 million options and then send out a proxy on about 3 times more shares without putting out another NR updating the proposal? Would you provide as little information as you could get away with to shareholders? There are companies on the VSE that actually post on SI and keep their SH informed. Wouldn't you agree that if they can have an IR answer the phone, they can have her post on SI or release periodic reivews of what's going on? I receive God knows how many updates from lots of junior mining companies setting forth exactly what they're doing. Are you saying that WSP shouldn't be doing that or is too busy to do that? I guess we just disagree as to what constitutes acceptable moral behavior, but then again, I don't think you'd behave the way RT behaves if you were the CEO of WSP.
"Con" comes from the word confidence. I gave WSP my confidence when I bought shares in the corp. RT and his associates seemed to be asking for my confidence in them by their news releases and behavior prior to June 3, 1997.. They certainly don't have my confidence now, but they do have my investment dollars. I hope the geology works out.
Anyway, someone wanted a song or dance and a porno review. Closest I can come is the story about the professional dancer that went to the Big Apple. She danced on her left foot, danced on her right foot, and made her money in between. |
