Author Topic: SYTE - Enterprise Diversified  (Read 167377 times)

matts

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Re: SYTE - Sitestar
« Reply #10 on: June 30, 2014, 06:08:52 PM »
I saw that after posting.  I looked through it and only counted 7500 in monthly rent.  In the call 6 months ago they said they were at 10k and ramping up.  I also checked a couple of the for sale properties against tax assessments and zillow.  Some of them were assessed a little lower than the asking price, but it is normal at least where I am from for the assessed values to be lower than market values.    I am trying to piece it together from the county websites but there is always the problem of them owning things through other entities that won't show up when you search "sitestar".  It would be nice if they would include a schedule of what they owned in their reports.

Yes, that would be nice. Buuuut, since they are ducking their own director by running away when he is not looking I'm not going to hold my breath on them being nice. This is such a weird case, the fact that they let Jeff on the board at all is very surprising now. Then in December Frank agrees to a shareholder chat that he was under no obligation to do, and after that it deteriorates so rapidly. The behavior of Solitron management is terrible but at least makes some rational sense, they have been consistent in telling shareholders to F off.
 


ragnarisapirate

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Re: SYTE - Sitestar
« Reply #11 on: July 01, 2014, 09:20:36 AM »
I saw that after posting.  I looked through it and only counted 7500 in monthly rent.  In the call 6 months ago they said they were at 10k and ramping up.  I also checked a couple of the for sale properties against tax assessments and zillow.  Some of them were assessed a little lower than the asking price, but it is normal at least where I am from for the assessed values to be lower than market values.    I am trying to piece it together from the county websites but there is always the problem of them owning things through other entities that won't show up when you search "sitestar".  It would be nice if they would include a schedule of what they owned in their reports.

Those are properties that are for rent, not rented. The rented rentals are not listed on the website.

globalfinancepartners

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Re: SYTE - Sitestar
« Reply #12 on: January 21, 2015, 08:49:34 AM »
Here is an update on Ragnarisapirate's (Jeff Moore) ongoing drama with the management of Sitestar.

http://www.sec.gov/Archives/edgar/data/1096934/000138713115000159/moore-dfrn14a_012015.htm

This paragraph was new news to me:
"On January 12, 2015, over the objection of Mr. Moore, the Board of SiteStar adopted a series of amendments to SiteStar’s bylaws, one of which removed the ability of shareholders to call a meeting of the shareholders. The amendments were not passed with retroactive effect. The Moore Shareholder Group believes that the meeting it has called, and to which this proxy relates, remains properly called pursuant to Nevada law and the SiteStar bylaws in effect when the meeting was called. If the meeting cannot be held in the initial time frame specified when the meeting was called and a new meeting must be called, which is no longer permitted under the bylaws, or the directors were to challenge the validity of the meeting in light of the bylaw amendments, Nevada law permits holders of 15% of the outstanding voting securities to petition a court to order a meeting for the election of directors if no meeting has been held within the prior 18 months. If either of those events occurs, the Moore Shareholder Group will petition the court to order a meeting."

I also hadn't known that the CEO was going through a divorce and potentially expressed interest in selling a large block of stock at some point.  Interesting to follow, for sure.  My in-laws are in Lynchburg VA so I've kept up with this story over the last couple years...

constructive

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Re: SYTE - Sitestar
« Reply #13 on: January 21, 2015, 09:00:51 AM »
Ragnar, how much will 9 directors cost? It seems a little excessive to fly 9 people from all over the country for a company this small.

Other than that the proxy makes perfect sense.

Here are some people you may want to engage with to vote on it: http://investorshub.advfn.com/Sitestar-Corporation-SYTE-560/


oddballstocks

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Re: SYTE - Sitestar
« Reply #15 on: January 21, 2015, 12:51:20 PM »
This is really interesting to watch unfold.  Unfortunately sitting management has a variety of tools available to screw shareholders.

On my desk is a certificate from an unnamed company with $4m NCAV trading for $800k.  I have considered an attempt to take them over multiple times, but there are way too many ways I can end up on the short end.  I'll probably send in my certificate and cash out, it's not worth the hassle.
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rkbabang

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Re: SYTE - Sitestar
« Reply #16 on: January 21, 2015, 01:26:50 PM »
I just got an email from investorrelations@sitestar.com.  I can't find it online anywhere to link to it, so I'll just paste it here:

Quote
FOR IMMEDIATE RELEASE

Contact:
Frank R. Erhartic, Jr.
434-239-4272
investorrelations@sitestar.com

Sitestar Comments on Moore's Attempt to Remove a Majority of the Members of the Sitestar Board of Directors
Advises Stockholders to Take No Action at This Time


Lynchburg, Virginia ? January 21, 2015 ? Sitestar Corporation (OTCQB: SYTE) (''Sitestar'' or the ''Company'') today issued the following statement regarding the filing by the Moore Shareholder Group  (''Moore'') of definitive proxy materials with the Securities and Exchange Commission (''SEC'') in order to solicit proxies to call a Special Meeting of Sitestar?s stockholders on February 12, 2015 in New Canaan, Connecticut.  The purpose of the meeting is to elect nine nominees to the Sitestar Board to replace the majority of the current Board; Frank R. Erhartic, Jr., President and CEO of Sitestar; and Daniel Judd, CFO of Sitestar. Mr. Moore is the third member of the current Sitestar Board and would continue to be a member of the Sitestar Board under the Moore preliminary proxy materials.  Sitestar urges all of its stockholders to refrain from taking any action, including returning any proxy card sent by Moore, until they have reviewed the recommendation of Sitestar?s Board of Directors that will be included in a proxy statement to be filed by the Company. Under federal securities laws Moore cannot solicit proxies from Sitestar stockholders until Moore provides stockholders with definitive proxy solicitation materials. The Sitestar Board intends to call for a special meeting of stockholders on March 12, 2015 to allow sufficient time for the December 31, 2014 fiscal year end financial statements to be completed and will pursue the course of action that the Board believes is in the best interests of the Company and all of its stockholders.

In response to the Moore proxy solicitation, Frank R. Erhartic, Jr., President and CEO of Sitestar, stated, ''We are committed to the long-term interest of the Company and our shareholders and will oppose any group that seeks to derail our efforts that have turned this Company around. If you believe that you have been approached by this group for purchase of your shares or for a Proxy vote, please contact our office immediately.''

Akerman LLP and FitzGerald Yap Kreditor LLP are serving as legal counsel to the Company.

LowIQinvestor

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Re: SYTE - Sitestar
« Reply #17 on: January 22, 2015, 07:48:07 AM »
Quote
Posted by: oddballstocks
« on: January 21, 2015, 12:51:20 PM » Insert Quote
This is really interesting to watch unfold.  Unfortunately sitting management has a variety of tools available to screw shareholders.

On my desk is a certificate from an unnamed company with $4m NCAV trading for $800k.  I have considered an attempt to take them over multiple times, but there are way too many ways I can end up on the short end.  I'll probably send in my certificate and cash out, it's not worth the hassle.

Oddball hits on an interesting point here. I too have considered pursuing a more activist approach with some tiny companies but can never get around how time consuming and potentially expensive it could be. Looks like this will cost them around $50k to launch the proxy? I guess they want to be reimbursed for this by Sitestar?

"The entire expense of soliciting proxies is being borne by the Moore Shareholder Group. Costs of this solicitation of proxies are currently estimated to be approximately $50,000. The Moore Shareholder Group estimates that through the date hereof its expenses in connection with this solicitation are approximately $25,000."

I really do wish them the best and hope that they succeed. I imagine they never intended to have to get this involved...


InelegantInvestor

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Re: SYTE - Sitestar
« Reply #19 on: January 30, 2015, 12:22:13 PM »
Company has changed bylaws to fend off "corporate raiders"
http://www.sec.gov/Archives/edgar/data/1096934/000072174815000059/site8k01282015.htm

Getting uglier by the day.