In a conversation with Mr. King today, he expressed that it would not be unreasonable to see the by ADR mid-November, or at least that is they way I understood him. I also understood that was not a prediction, and it especially was not a date certain. Regarding the circulars, that is a process which takes quite a bit of time, and I certainly expect it could take more than a month before we start hearing more on that.
I also confirmed that the resumption of trading of EasyKnit came as a result of the SFC making the critical decision this is NOT a reverse takeover attempt, but it was NOT the final approval, which we have all been awaiting, though it is a strong indication they are favorably disposed towards the matter.
I got the impression he would have loved to say more, if I simply knew how to frame the question, but unless I specifically zeroed in and asked a specific question, he could not tell me, because then it would be supplying information to one individual, without the public dissemination of the same. Unfortunately, I sent an email asking for a call during my lunch, and before I had taken a second bite, he had returned the call, so I had no time for advanced preparation of specific questions. Someone smarter than me needs to step up and give him a call, since I basically drew a blank at times during the conversation.
One thing was said as an aside near the end of the conversation, but I will not mention it, because I think it was a slip, and I don't want to cross a legal line, but I will try to contact him tomorrow and ask specifically whether it was a slip, or whether I may make public posts on the matter. It was of a somewhat positive subject matter, which though not earth shaking, it would be nice to post. If I find out that I may post it, then I will do so; otherwise I will drop the matter.
From what I have heard, and what I believe to be true, critical players have not only a vested interest in turning this stock around, they intend to do whatever it takes within the law, and I do not expect, nor would I desire, a man to cross that line.
I am still trying to sort out everything I was told, and if I discover I have not mentioned something critical, I'll post it shortly thereafter. A whole lot of not-so-weak hands were shaken today. I believe they will come to regret the decision, but I cannot fault them. This has been one wild ride, and I doubt it is over yet. Even so, I still expect the reward is the ADR, or freedom for WITM to finish their pursuits in China, which likely would not have opened up without the merger process.
Lowenthal is the key to financing in China, and regardless of the merger outcome, I believe he'll find a way to get that aspect done, if he hasn't done so already.
The stock trades down today 24% on only about 1% of its shares traded. Don't think I have ever seen that before. That means not a whole lot of long termers are buying-mostly just traders.
From what King told me, one large holder called to complain WITM better put something out by 3:00 p.m. or else. Though King tried to explain it isn't like a WalMart in Witchitaw calling a press conference to explain future plans after a tornado just rip the roof off it building, a PR is scrutinized first by lawyers, then by the SEC, who often asks why such and such was put in, and even rewriting it themselves, and all this AFTER much time and effort is put in to ensure the SEC will not consider the filing to be "advertisement", as they tend to frown on that. Okay, so some of that was MY words, but what could he realistically do? So I wouldn;t be surprised if that one holder comprised half of today's volume.
This is the missunderstanding I talked about a couple of days ago. That the SFC approval allows trading of EK, but does not end the WITM quiet period (which is why the last press release said jack squat), which will only happen when the HKSE approves the merger, which involves approval of the circular which won't come out for another month apparently.
We may just hit 20 cents by then. Talk about the deal of the century brought us by misconceptions about this being a scam! LoL
Nighty night boys and girls.