“With respect to the proposed capital consolidation, we believe that moving to a simpler capital structure is critical in attracting a broader pool of investors"
Translation: we've milked the current crop of investors till they're dry, now we need to move to a new pasture to find a new herd to milk...
"seek shareholder approval to change the Company’s name to Fremont Petroleum Corporation Ltd to better reflect the current asset base and alignment with its focused strategy on low-risk, high margin development and production of crude oil"
Translation: all we've got on our leases is gas, but we want to call ourselves an oil company so people think we have oil...
“Over the past 12 months, Austin has weathered changes in energy markets that have led the Company to consolidate its asset base, significantly reduce its costs, and now focus all of its efforts on unlocking the potential value of the largely untapped and highly valuable Pathfinder Project in Fremont County, Colorado”
Sorry, I'm not fluent enough in BS to translate this part...
What amazes me is this type of conduct is legal.
Cheers, Sharks
Ann: Proposed Name Change and Share Consolidation, page-20
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