UPDATE: Ethiopian Potash Renews Poison Pill; Shares Down Nearly 7%
Ethiopian Potash Corp. (FED.V) will never let its guard down. Today, the company said it has renewed its poison pill announced last March 29th, 2011, as it feels that it remains vulnerable to hostile approaches based on a market valuation, which does not reflect the value that has been created from its drilling program initiated in the summer of 2011. FED shares fell nearly 7% and were trading near the lower end of a $0.65 to $0.72 range after the announcement.
The poison pill originally adopted on March 29, 2011 expired on September 29, 2011, but may be renewed every six months to maintain its efficacy.
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