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Penn Virginia Corporation Message Board

  • stuartcreekfarms stuartcreekfarms Oct 11, 2012 7:23 AM Flag

    PVA management -- giving away company

    Apparently PVA management has no faith in the company's future as they are willing to give away a huge chunk of ownership of the company at around $5 a share.
    I had been under the impression that there was no urgent liquidity issue with PVA and that, in fact, liquidity was greatly improved.
    Here's a company that was doing a great job in the drilling program and communicating well with us shareholders and they are willing to throw us under the bus for a relatively measly $100+ million.
    Meanwhile, management continues to keep its little natgas "empire" that is doing nothing for the company right now. And, by the way, with natgas at $3.50 they could have sold some 2013 natgas hedges for about 4.50 and locked in some liquidity.
    This whole deal is a total slap in the face to common shareholders.
    PVA has the asserts to achieve liquidity in other ways but it might involve selling off part of the "empire" and management couldn't let that happen -- so they stuck it to us instead.

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