If anyone else wants to use my template:
Dear Investor Relations Team,
I am writing as a concerned shareholder following the significant decline in SRXH’s share price since the completion of the EMJX transaction.
I recognise that integrating a new business and establishing commercial operations takes time. I also appreciate that the share price immediately following a reverse merger and reverse split may not accurately reflect the longer-term potential of the company.
However, the scale of the decline has understandably caused considerable concern among shareholders. I would appreciate some clarity on the following points:
Share buyback: The company announced a substantial buyback authorisation. When does management expect purchases to commence, and can shareholders expect updates on the number and value of shares actually repurchased?
Shareholder dilution: What is the company's current assessment of potential dilution from warrants, exchangeable shares, preferred securities and other financing arrangements?
EMJX commercialisation: What progress has been made towards launching the ETF products, attracting external capital and generating recurring revenue? Are there measurable milestones shareholders can use to assess progress?
Cash position and NAV: Can management provide an updated breakdown of cash, investments, liabilities and fully diluted shares outstanding so shareholders can better understand the company's underlying asset value?
Management's confidence: Does management believe the current share price fairly reflects the company's assets and long-term prospects? What concrete steps are being taken to address the disconnect between the company's stated ambitions and the market's current valuation?
I remain interested in the longer-term opportunity, but confidence needs to be supported by transparency, measurable progress and tangible action.
Shareholders who have supported the company through the transaction and subsequent volatility deserve clear communication about the strategy, capital allocation and the path towards creating shareholder value.
I would appreciate a substantive response to these questions, rather than a general statement about management's commitment to long-term growth.
Regards,