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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Message: Vote on reverse split is more than symbolic
18
May 28, 2011 09:28AM
4
May 28, 2011 12:14PM

I just noticed the following on page 9 of the information circular in the first paragraph below point 5, (and didn't see anyone mention it here):

“Under the CBCA, the Share Consolidation Resolution requires the approval of at least two-thirds of the votes cast present in person or represented by proxy at the Meeting” The individual shareholders most probably control at least 1/3 of the shares

Everything else, like the options share approval, is simple majority.

I'm voting against the options, (for obvious reasons) and against the reverse split as I can see an $0.11 share drifting downward another 50% or so. IMO, a repriced $1.00 share could drop another 75% or more.

While delisting is an inconvenience as to liquidity, what does it really matter at this point? It seems that most of us still here are waiting for the final chapter.

I don't really agree with the arguments in favor of the split:

  • avoid delisting: what gets delisted can get relisted. This takes care of the presumed need to be listed for Chinese access to the AMEX.
  • easier to make a deal: is it really? valuation is valuation and market cap is market cap
16
May 28, 2011 09:24PM
4
May 28, 2011 11:53PM
1
May 28, 2011 11:57PM
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