What Has It Been Like Holding GBN Shares?

Holding Golden Band shares has been like having your leg in a steel trap.  You are not ferociously manic enough to chew off your own leg, and are resigned to your fate. You don't know whether your leg is broken, or when the hunter checks the trap line soon enough.  And you imagine that the pale orange glint of moonlight between the trees are the reflection of predator's eyes on their quarry.

Oh, but they say, you can't see the forest for the trees!! Be a contrarian!! Yes, you say and manage to eke out a smile in a constrained way.

But I have likened the purchasing of Golden Band shares like answering the door to someone trying to sell you an enormous boa constrictor.  They have the vision and you have the money, and by the end, they have the money, and you have their vision.

Or in easier terms, an amalgamation squeeze out.  If your shares weren't cancelled as part of the amalgamation and deemed continuance through to the pro-forma insolvency, they should be listed as GBRIF held in a defacto escrow.

The change-of-control-put lent to PROCON has to be put back to the company, where the cost of capital meets with retained earnings, and the final 'extinguishment' of the remaining shares after cancellation by conversion into series 'A' has still yet to occur.

But the company has effectively gone private in the meanwhile, under the auspices of the SBCA.  A default in Revenue Canada tax law says that a company with no end of fiscal year must have the end of fiscal year at the end of the calendar year.

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-F6