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GASFRAC Energy Services, Inc. Message Board

  • sirola1 sirola1 May 11, 2012 12:40 PM Flag

    Shareholder Meeting - a cutnpaste from Group Board

    As a relatively new investor, my quick recap of the key takeaway points from
    GASFRAC meeting Wednesday:
    1. Without safety, this company doesn't exist. Some shareholders told the board
    to "just get over it" regarding the fire (three minor injuries) in January 2011,
    and get to selling the product. Board responded, "No, we won't get over it."
    Safety first.
    2. The product is game changing, and nobody else can do it. That was a unanimous
    conclusion at the meeting, and even the rabble rousers (including one who owns
    two wells on his own) were totally on board. Reasons behind original investment
    thesis remain intact.
    3. Management, to me, seemed competent with a good game plan. No so for two
    critics, who questioned vetting of new Prez Zeke, and whether at $4 PPS, Zeke
    and gang should resign. The Chairman of the Board, Gerald Roe, responded that
    the company knew it had to change management in 2011, hence the hiring of Zeke
    six months ago. Management needs time to implement game plan and make results
    consistent.
    4. One supportive shareholder correctly pointed out that big-picture trends are
    hurting GSFVF stock price. He cited CalFrac, with reported good earnings and
    paid a dividend, only to see its PPS go from $30 to $24. Another suggested that
    if GSFVF hits on just a few more cylinders, we're looking at $16 or $18.
    5. The company chief financial officer said the balance sheet is healthy and
    he's confident that they have enough money through 2012.
    6. Question: With price at $4, why wouldn't Exxon or Chevron come in and say
    "we'll give you $6 and all your patents and operations are ours"? Roe said he's
    not heard a peep of that talk, and if he did, the board would go through a
    normal buyout analysis, with a third party advising to as if the price was good.

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