Signs are that Porter is in Financial Trouble
Rob:
Look at the facts. You find my claim that Porter is failing,
"amusing," but look at the facts. The prospectus that the company issued
when Porter attempted to get a public listing on the stock exchange showed
that the company has consistently lost money since its inception
and there is no indication that things are getting better.
There are two
other telling signs that the company is doing poorly. The Porter IPO in
2010 was cancelled. That is a rare occurrence . Usually
institutional buyers of shares have been lined up long before the
company is listed on the stock exchange. The only reason for the
cancellation is that the brokers could not find buyers of the
shares. That means that sophisticated analysts and brokers on Bay Street
recommended that their customers not invest in Porter because they have no
confidence in the company's future.
Second, a recent
Globe story by Brent Jang said that two of the original investors in the company
want out. These are insiders; investors who have detailed knowledge about
the company. Why do they want their money back?
I can't predict
the future any more than anyone else, but I can read the writing on the
wall.
Bill
Freeman |  |
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