So, management of GPHBF is holding the AGM in Vancouver, on a different coast and in a different country from where it is located or incorporated. This makes it difficult for dissatisfied shareholders to attend and question management’s decisions or meet to coalesce around alternate candidates for the board. Is this a common strategy by management to stifle dissenting voices? Is there another stockholder, person or agency in Vancouver that is willing to attend and vote as a proxy? With 163.68 million shares outstanding, I would hope we could find someone willing to attend the AGM in Vancouver. This would also be a great experience for a university student to attend an AGM and vote millions of shares.
That’s exciting !
What an absolutely dreadful thought ! - Some little SJW straight from teh “Protests” - given the power to change the lives of thousands of genuine working people - without any thought as to competence or ability !
Well, the first preference is that we can find another shareholder to vote the proxy. With 163.68 million shares outstanding, hopefully someone will be able to attend to challenge management for others. Failing that, perhaps a business student. I don’t think the SJW would be interested, since they don’t really understand how the world actually works. Proxies come with instructions. Violating those instruction could well have legal consequences. However, if the present management of this company is able to be reelected, I’m afraid the company will be bankrupted, with its assets transferred to a new company, and the shareholders left holding the bag. The stock performance over the past 9 months has been a catastrophe. A SJW running the company could hardly do worse actually.
Perhaps you could link us to some details ?
There is quite a discussion about this on the main GPHBF on Yahoo!, and pump and dump, etc. Well, 9 months ago, the stock hit a high of over 37 cents. Today it’s trading around 8 cents. It’s a penny stock, so some increased trading range is normal, but for 9 months, it’s all down. Why is it trading down when the broader market is trending up? Well the only guy making money on this stock is the CEO who has been getting large stock warrants, watering down shareholders’ equity in the company. I suspect that this gives a perception of self-dealing that scares other investors away. The company can’t ever seem to make a profit with its patents, but it has money to send the board to Vancouver for the AGM. This from a company incorporated in Delaware, and with its HQ in NY. Holding the AGM on another coast in another country doesn’t pass the smell test for some.
From “K” on the Yahoo! GPHBF board:
“G6 has serious concerns, BEYOND just administration and generating sales … and chief among them, IMHO, is the apparent “game” being played with the G6 share market. Without a solid/credible share market, LOST is the crucial ability to raise further investment funds without devastating dilution to present shareholders. Meanwhile, insiders will likely enjoy dilution protection via antidilution clauses. So, how did we get here?
In our view, it seems likely that G6’s cash was so thin, and management so desperate, that some sort of “deal” was likely struck, whereby management would either participate in, or “look the other way”, in exchange for the orchestration of a “pump and dump” of the company’s shares designed to result in substantial profits, some of which would be funneled into the company via the recent stock/warrant sale … providing the company some operating cash, for a while … and offering “insiders” the opportunity to re-purchase their shares at much lower prices. Such likely deal probably included some sort of assurance that Daniel (and perhaps others) would be able to cash out much of their holdings (at roughly 3x their cost … approximately $500k for Daniel, as astutely uncovered by Alex), “putting in the top” and starting the equally important (to them) downward leg of the “round trip”.
Because we feel that this is what happened (is happening), we would like to see a complete replacement of officers and directors with ones who aren’t tainted by the appearance of any improprieties (and to include a compliance officer). In our view, the ongoing goal/plan may be to collapse/disappear G6 in order that the suspected malfeasance be both perfected, and obscured. In that case, current shareholders would most likely be left “holding the bag” if G6 assets end up being bought for “a song” … likely by a “related” entity that is probably already waiting in the wings. Yes, we’ve seen this kind of thing happen and it’s particularly ugly.
We would love to be wrong about any/all of this, but the landscape is unchanging. A different (untainted) and effective management team (one that we thought “Trojan horse”??? GX would provide), would most likely act quickly to support/defend the G6 share market, while overhauling the marketing/sales program.
IMHO, by itself, the failure to support the share market (or even speak about its demise) is an apparent impropriety and the apparent massive share sale by Daniel, which “put in the top” stands out as a glaring, aggravating circumstance. Time for a management change, including a compliance officer.”
As I tried to post the link but, I got a message that new users can’t post links. It’s from the main GPHBF board, which isn’t hard to find. FYI, “Daniel” is the CEO, Daniel Stolyarov. His board consists of a few more Russian names, suggesting some cronyism.
Doesn’t seem to have done much in 5 years tbh !
Market Cap $10.9m
I think if there was a rip-of to be done, it was done when they went public in 2015 at over $1 !
If you look at that recent “top” - it was a double top with 2016 and as such I would expect all sorts of people sold at or near that high and probably went short as well (if you can do that on penny shares ? )
But hey if you can run a R&D company in Graphene and 3d printing better than those with 10 + yeasr experience - why not offer yourself up as this “proxy” ?
But with those sorts of numbers - you’re not going to be able to buy MUCH “Expertise” methinks - nah just hang on to your shares and bale out when the triple top is near ? - Not that I’m offerring advice you’ll understand
Ouch. Not sure that commentary there was necessary.
Yes I can see where you’re coming from there - poor wording - it was just meant to emphasise that I do not hold myself as a source of investment advice (legal diaclaimer type statement) - not meant to be in any way ironic or satirical (in this particlar situation anyway) = Apologies if it came over that way
Appreciate the clarification! And glad it wasn’t intended to be mean.
So with 163.68 million shares outstanding, the only person I found in Vancouver who could attend, was unable to attend as she wasn’t registered somehow. The company didn’t respond to her emails requesting permission to attend. Opposition to management appears to have been limited to online voting through Broadridge(dot)com. Most brokerages in the U.S. use Broadridge for voting at the AGMs. Shareholders were limited to either attending in person, or voting online. So, it wasn’t possible to record a transfer to another person to serve as a proxy, nor was it possible to vote for alternate candidates for the board. Broadridge if you read this, you suck! I never received a response from them regarding the instruction I emailed in case the shareholders voted not to return the present board.
There is no reason that shareholders voting online should have their rights limited like this, especially when companies are using Covid to make AGMs more difficult to attend. GPHBF didn’t permit online access to the AGM despite the fact that Delaware, its state of incorporation permits it. I don’t think they wanted to answer to their shareholders. I am still waiting for the results from the AGM to be made public. I don’t know what happened yet. It’s not posted anywhere that I can find.