John and all,
Jeff responded to my e-mail on Tue morning and I called him yesterday about noon. I did not get to ask all of the questions that I wanted to because we got interrupted, but here is what I did find out (some old and some new).
Meeting was held 12/13 as we had heard. Mailing of proxie forms was handled by some law firm using a shareholders list from first part November or end of October. I never did get mine but that may be my broker. Jeff is s-mailing me a copy of proxie form so I can see what I missed (VBG). All proxie items were approved, big suprise since 3/4 of the shares are owned by insiders.
PPP date not yet known, but it will be a.s.a.p. They think that they have almost all the additional financing set up with the IPO to go mostly to a group of overseas investors. IPO price not yet established. They always seem to do the pricing at the last minute based on market conditions so everyone pray that we don't have a big correction just before the IPO (my words not Jeff's).
Tulsa Ind, the new co being formed, will do all manufacturing, refurbishing and sales of Cooper rigs and parts. Cabec gets 15% undiluted interest in Tulsa and 3% on _gross_ sales. Important point, IMO, is that Cooper will be a subsideray of Tulsa and Cabec will still hold all of the outstanding shares of Cooper Mfg. They will be getting Cooper up and running without any bank financing or any Cabec stock dilution. At least thats the plan. Hope they can pull it off!
Wyoming P&T and Fleur David _will_not_ go to Tulsa Ind, but Jeff had to go before I got a chance to ask about status and future plans for Otter Lake.
I e-mailed (a second one) Jeff asking about plans for Cabec and PPP to become reporting companies so that they can stay/get on the exchange. Have not yet gotten a reply but will post again when I do.
For anyone who has not yet seen it, the full M3 report, 16 pages, is on the Cabec web site. <http://www.cabec.com/>
Regards, Bob |
