Thanks for that info Rago. Are you really a seller at .35 though?
Also, here's a good article explaining the ins-and-outs of takeover proceedings for anyone interested: http://www.mccarthy.ca/article_detail.aspx?id=3409
Excerpt (emphasis mine):
It is possible for a target company to adopt a shareholder rights plan as a tactical response to an outstanding or imminent take-over bid, but more often such plans are adopted without there being any identifiable take-over threat by companies which perceive themselves as potentially vulnerable to acquisition. Under a Canadian-style shareholder rights plan, the company issues to its shareholders a "right" for each outstanding share. Each right entitles the holder to purchase one or more additional shares of the company at a deep discount if anyone, acting alone or with others, exceeds a 20% share ownership threshold without the approval of the target company’s board, unless they comply with certain "permitted bid" provisions of the plan. Once triggered, these rights may be exercised by all shareholders except the hostile bidder, thereby effectively preventing the bidder from buying more than 20% of the outstanding shares because of the massive dilution the bidder would suffer. Bidders will occasionally make a "permitted bid" under a target’s rights plan, but this is relatively rare because one of the requirements for a permitted bid is usually that the bid be open for a minimum of 60 days, and bidders can be reasonably confident that the target company will not be allowed by Canadian securities commissions to maintain its rights plan in place for much more than a 45 to 60 day period.
What do you guys think?
