I have previously stated my reasons for voting against the RS. The timing is incredibly poor and the reasons given by the BOD are for PP they won't need for well over a year. The RS will trash the SP, and with it the market cap. Any take out bid will be based on the market cap divided by the number of shares. Today, we are worth about $40 million. At the normal 52-week low of 5 cents, we are worth about $22 million. With the RS, our 52-week low will probably sink to 20 cents, giving a market cap of about $9 million. That is when a major will swoop in and give a "very generous" offer of $100 million buyout. Whoopee. That means a buyout at $2.50.

A major looking at buying us out won't give a damn how many outstanding shares there are. I think it might be more costly for them to buy us out at our current float, since there are so many penny traders flipping in and out.

These are the opinions of an individual, and my status as a hub leader should not make them any more important than that. I have the honour of being a hub leader due to a long involvement with the board, and (I hope) a respectful manner in keeping the board focussed on discussing Spider from all angles.

Cylinder