Your right on. Investors should be very frustrated and dissappointed with the management of this company.
Its not like the stock is down 10%. Its down 70% in just the past 12 months.
The bottom line issue for me is this:
Should a 70% drop in the stock price in a very short period of time have any influence on the companies short term business plan?
A company with the financial strength of WHC should not find itself in this position. They have options which other companies may not. This company is no longer valued in the market as a growth stock. Its now strictly a deep value stock. The sad fact is that if this company were to never get another project and just operate what they currently own they would generate enough free cash flow, combined with the cash on hand, to buy back all of the outstanding float in 2 years.