Loading ...Great Panther (GPL) (GPR.to) to buy Cangold (CLD.v): Err, call me stupid but…
…I’m sure there are laws against this kind of thing.
1) Great Panther is a CAD$0.75 stock.
2) Cangold (CLD.v) is a 5c stock. Not only that but it’s currently at its lowest price ever.
3) That makes 1 GPR share worth 15 CLD shares, if my pocket calculator is working correctly today.
4) According to the terms of this deal, GPR issues one new share for every 20 CLD shares.
5) And here’s the rub: These companies have three directors in common (yup, three; count ’em up girls and boys)
It’s tough to pick out the highlight of this NR, but I’m going to go for this phrase…
“The Letter Agreement and the Loan were reviewed and approved by special committees consisting of independent directors of both Great Panther and Cangold.”
….due to the sheer brass neck of it. Independent? Fucking liars. One of the central tenets of public companies is the fiduciary duty that a board of directors must have towards its shareholders. But Kaare Foy, Robert Archer and their cronies are too busy trying to stuff their own pockets to give a rat’s ass about the minor details of things like morals or rules.