Response to the e-mail from Peter Block (actual name changed)
Hi Orgy,
I will forward your comments to management, but would make a few key points regarding the process:
· The company wants to ensure that Look shareholders get the maximum value in an open and fairly conducted process during which there will be no action by one party that prevents other parties from putting forward their proposals.
· This plan of arrangement, if approved by shareholders, will be under the supervision of the court-appointed monitor. This will ensure a sales process for Look's assets that is expeditious, efficient, transparent and fair. The court will also have to approve any transaction(s).
· The process has many possible outcomes. This is why it is designed to let the board at a later date, depending on the assets for which interest is expressed, determine what constitutes the “highest financial offer” (as you say). There is a wide range of consideration that can be proposed for the company’s assets and until the process is complete, it is not possible to declare in advance what the best offer is.
Regards,
Peter Block
Investor Relations
I would encourage all investors to pressure management to put some definition around the selection criteria if top dollar is not selected if vs Cash value of shares vs JV with new mone (how much they invest for what % of the profit).
I am slightly uncomfortable with a lack of definition for what is "best for the shareholders if it is not maximize financial benefit or otherwise clearly defined.
Next message to Peter to follow.
Orgy