X-Stream US shareholders slam LibertySurf IPO lock-out
It's not fair
Shareholders in the US and Canada are revolting against the merger between The X-Stream Network and the French ISP Liberty Surf. Investors are complaining that X-Stream's management agreed to sell its shares to the French e-outfit for $1.26, when they were being traded in North America for more than $2.00 a share. What's more, investors are angry that they won't see any action when LibertySurf floats on the French Stock Exchange today. One investor said: "We in the US and Canada do not have the option of converting our shares to the new Liberty Surf IPO. "My understanding is that the UK investors will have that option. Many of us have contacted the Securities and Exchange Commission here in the US which oversees the NASDAQ exchange." Another investor said: "I have sold off my shares this morning at a loss. My holdings were not huge but it smarts when a company is trusted to "do right" by it's shareholders". Some investors said they have reported X-Stream to the Securities and Exchange Commission while there is an unconfirmed report of investors lodging a class action lawsuit against the British ISP. Greg Sukornyk, CE of The X-Stream Network, said that the decision to merge with LibertySurf was taken in "best interest of shareholders". He was unable to comment further on stockholder concerns because he said it came under the remit of securities regulation in the US. Sukornyk confirmed the company had not received any notification concerning a class action lawsuit. Earlier this month LibertySurf said it planned to merge with The X-Stream Network in a deal that values the British outfit at £47.69 million ($75.35 million). ® Related Story Liberty Surf takes X-Stream measures
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