He already owns over 30% of the company and is "officially" owed around $20 million, apart from what he has lost on the way with the contribs.
S.B. is in a most awkward position and if he doesn't throw in a really low ball CR offer to the rest of the SHs, thus leaving himself and his big mates the only ones to take it up, who, combined, already own over 50% of the company, the other SHs will start believing what some on this forum have often stated that he is running this company entirely for his own benefit and stuff the SHs.
And, again the cynic in me, when considering that he did not call in the administrators, which, he certainly could have with what is owing to him, it is MUCH cheaper to just restructure an existing listed company and just changing its name, than to form an entirely new one with IPOs, listing costs etc etc. My and many others' cynicisms will only be abated by hard facts and action and until we SEE that, I still think that the averagers are the only ones that can logically touch this company with a ten foot pole.
But, when it is all there for everyone to see, I still see a huge upside in MONTHS to come, but, can't see any SP sensitive stuff suddenly rocketing the SP upwards.
That .20 would be a pipe dream and would most certainly prove that he is telling SHs where to go. Even his pushing it up to .20 still leaves existing SHs 33.33% down on .001, let alone what they actually paid. .20 is still only .00066 in the old!!
Can't see it being anywhere near that price, as he will get zilch from 8,000 existing SHs who are already hugely peed off with the whole thing. An offer they can't refuse or NIL.
RSN Price at posting:
10.0¢ Sentiment: None Disclosure: Held
