I understand that when the GVHL deal was done, we were told that our 23% stake in that company was worth upwards of $12mm. It was suggested then that all we had to do was sell a few of those shares and management could do a buyback of EFGO shares. Yippee! IR told Allinx: “The thought did cross our mind, and at their current prices we wouldn’t have to sell much of our holdings percentage wise to do a massive buy back of efgo”.
That was back in June. Today, there is no way that management could sell any of those shares because there is no market for GVHL. Today, we have no indication that any of those shares have been sold, nor has there been a subsequent buyback of EFGO shares by management. Today, no one wants to talk about GVHL.
Now, the centerpiece of conversation is MMOD. We have a >5% interest in a company with no defined business model, but that it is worth upwards of $10mm to us, based on a listing price that no one is buying at. It is now suggested that management could just dump those shares and do a buyback of EFGO shares. Does any of this sound familiar?
Again, if this is the marketing method that IFGX is going to pursue going forward; i.e., trading shells for shares, then we better get on the DD stick and figure out exactly what these "clients" are doing, who they are, their history, and we better be vitally interested in how they perform. Because, if these clients prove to not be able to produce viable operations, then our financial interest in them will go down the drain. To dismiss what the clients do with the acquired shells going forward is folly. |
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