Zep, it just doesn't add up to me.
Call the office says no risk of dilution, everything is budgeted for. But, no numbers given, "just trust me, I've got it under control".
As I have said before, I don't think they have remotely enough money to carry existing plans forward. With all we already have on our plate - they state they want to expand into new acquisitions as well?!? How far can 5 million be stretched, considering both the company's penchant for spending and the length of time we may have to wait? So much spent so far, and what has been accomplished really? Much more work is needed to bring Van Dyke into a salable state - will 5 million do it? I don't know...
And even if we could bring it into a salable state, why sell now? The market is terrible and we would be giving it away! Timing is everything.
I think it is becoming obvious to even the most trusting shareholders that things can not continue for long without some major financing. By putting out in writing that they plan to continue to spend, well they can do anything can't they? No one can call foul if dilution comes now. Any dilution will be very painful for existing shareholders, and I haven't heard a single compelling argument to proceed with any urgency.
Batten down the hatches and ride it out. We have a unique situation that we have a JV with a major player and enough cash to comfortably wait out the market. It baffles me that they can't see it too? |
