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Lime Co (PAP) under new management
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Ay Vee RJ: Ay Vee Post Rating: 0 + / - Total Posts: 33 Karma: 29 Joined: Mar 30, 2012 |
Posted on Apr 22, 2012 To: Shareholders of Lime Co.From: Ay Vee, owner of Kirras Development Corp, and associated companies Subject: Change of Ownership Effective 9:01PM server time, yesterday April 21st, I was elected Chair. At the time I was the largest shareholder, despite having only 3% of the company. I immediately undertook to evaluate the company and audit its B2B transactions over the previous several days. - I detected no improprieties in the B2B transactions. - The company seems relatively sound. When I took over management, the 1400 sq ft farmers market was under construction however, and will not be complete for several days. The only other retail operation is 3 100 sq foot farmers markets, and 2 100 sq foot electronics stores. - The company had approximately $32m in cash, and minor loan of approximately $12 m I have taken the following actions: - I have acquired 50.1% of the company. - I paid off the minor loan. - I sold the 100 sq foot dairy and livestock R&Ds to reduce expense. I then reconstructed them as 10 sq foot facilities. I will revisit this when R&D levels rise generally. - I have added two farms 200 sq foot farms My intent is to run the company as an ag-retailer with secondary internal production. The electronics stores will be converted to food retail once their inventory has been sold. It will take some time to rebuild store revenues. There will be no dividend for the foreseeable future. There is no plan to hire an external CEO at this time. I do not know if the previous Chair/CEO sold his shares or was caught up in the recent unpleasantness. As there appears to have been no underhanded transactions in the Lime Co. books, I'd like to wish him well in his future endeavors. -AV |
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Victoria Raverna RJ: Victoria Raverna CO: Victoria Raverna Post Rating: 0 + / - Total Posts: 107 Karma: 43 Joined: Apr 11, 2012 |
Posted on Apr 22, 2012 You're lucky to grab it when the jailed CEO was forced to sell it.Good luck with this. I was the CEO before the jailed ex-CEO (the last CEO before you) bought it using his profit from the IPO fraud. I was working on getting it back to the black when I lose control of it so I dumped my shares and made some profit off my investment. BTW, Cian Kemp of Kemp Electronics agreed to pay back the damage from some questionable B2B transaction but I don't know if the money have been returned. |
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