Chris,
If you'd like to copy it here, that would be ok. The purpose of the letter was not to tear down CHRB, but to let them know that I, for one, am not happy w/ their lack of support of the share price.
I think that your idea of us sending messages to Mr. Tam is great. As long as we're constructive in our criticism of the co., I don't see this as being anything but good.
As far as the reverse split, I'm not aware of any mailing either. Now that you mention it, would it be a good idea to suggest that if mgmt. does go forward w/ the reverse split that they also reduce the number of authorized shares? This seems very reasonable, unless they perhaps plan to continue to issue more shares. According to their filings w/ the SEC, it's not mgmt.'s intent to seek any further equity financing w/in the next twelve months. Reducing the number of authorized shares proportionate to the reverse split would make things a little more concrete, wouldn't one think?
I don't remember, but how much of the co. is owned by Everbright now? Do you know how many seats on the board do they control? I really think that our concern and displeasure has to be passed on to somebody there who will listen. Mr. Tam's comment re: the intent to focus on public relations is laughable. Any prudent investor or MM will see the lack of effort put forth by mgmt. to retain (let alone build) shareholder value.
IMO, unless the co. has a plan in place that will greatly increase earnings even faster than what is currently occurring, it's time for mgmt. to act in good faith in restoring some of the value we've lost over the last few months. W/ the share price at or near its all-time low, mgmt. has got to see the value in doing something. Even Everbright can't be happy w/ the share price, you think? |
