I'd expect no less
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the more I think about how extremly inept this board/management is…… they would have driven past the “for sale” sign in 34a Leonard road for weeks/months, and never once stopped to question if that would be something to explore??
Considering all of their financing/credit lines were underpinned by their property portfolio and they were about to do the death raise to pay the bond?
Did noone in this almost billion dollar company (thats what they think its worth) not even realise their property was cross leased?
what does their audit and risk committee do except drink tea and eat scones?!
Maybe they should have a shareholder policy;
" Treating our shareholders as if they actually own us and have skin in the game, and explore ways in which we can provide value back to shareholders, including but not limited to;
- NOT buying an overpriced app that they then sell for 2% of its price
- NOT continually moving the Capital return program plan from meeting to meeting with no end in sight
- Directors when market is incorrectly valuing shares stump up and put their own money on the table, more often and for amounts that actually matter (Pooman nice to see you invested 10x more into Kathmandu)
- Exploring adjacent properties when they come to market given we supposedly have huge FCF
- Actually engaging with potential bids especially when they are 20% over market price
- When we need capital, get it at a time well in advance of when thats necessary. ANy death raises should result in instant termination of the entire board.
Pooman, you better be reading this cos id say there's a high % of shareholders ready to vote you out.
The only reason I'm still buying is I really cant see how they can cock this up any further. SO for me it cannot get any worse and can only go up from here.
The last I heard from Colliers was 3 weeks ago to the day.
He couldn't tell me anything really and confirmed he is under NDA...and has ghosted me ever since, which is fair enough.
But when I asked if the campus had been sold he said "not yet but headed that way".
Well, that was 3 weeks ago. It just baffles me that we have still not been notified about a sale.
So its half sold? its sold but with conditions?
There's no such thing IMHO. Either its Sold or it's not!
If it were "headed that way" that would imply a conditional agreement.
They need to come out and give an update even if that's bad news. continuous disclosure applies!
Why don't one of you email colliers and pretend like you are interested and try to get the words out of their mouth like it is under contract, available etc...If unsold you can almost call them up and see what the buyer price that the market has put forward.