septic1

Hi septic1 you wrote this post back in 2010 do you know the name of this major holder voting against the resolution 3?Thank you.

A major shareholder has gone to the trouble of getting the shareholder register and writing to shareholders recommending against resolution 3. This resolution regards the issue of more shares to Helmsman.
I have decided to accept his recommendation and urge others to do so.
His logic is that the debt helmsman provided does not require interest payment nor principal payment for a few years,and therefore there is no need to have cash before then to extinguish the debt, and hence there is no need to now issue more shares at a cheap price and dilute our share of the business.
If the business didn't generate cashflow by then to cover, the preferred option would be to have an issue to all shareholders at that time, at the price the company is worth then. If you believe like I do, that the copmany has turned the corner and will grow significantly, then it is better to raise capital when the company is worth more.
In my opinion, Helmsman are buying in cheap, now.At other shareholders cost(dilution)

On the positive side, you could view this as a collossal insider buy of a major share of the company. That says those on the Board like Helmsman are putting money in which is a positive . As they say, follow the money. BUY!