Originally Posted by
LoungeLizzard
Beginning of April SKT shares were at $2.93 on the prospect of a return of capital. If SKT had honoured that promise shares would be over $3 now and there would be a real buzz surrounding the business.
Flash forward 2 short months and SP is $2.34 and continuing to fall, with the real prospect of crashing well below $2 if the deal goes through in whatever form. And SKT has lost $70m in market capitalisation, in the process making it vulnerable to lowball takeover offers. All of this self-inflicted by a Board that just couldn't seem to resist playing with fire. It could have honoured it's commitment to shareholders whilst still having enough cash in hand to grow the business in an orderly, sustainable manner.
But no, it got it's head by turned by self-serving brokers and PE vultures throwing them a few bones. Yep, Ogg will be glad he got out when he did.