Nice to see a major shareholder pretty much telling the board to pull Bob's head out of his #$%$, or find a new CEO all together. $ 160 million in non core #$%$ets!
Its time to take care of the shareholders Bob. People are sick of the excuses.
Yes. I read the report as a suggestion by the Clinton Group to the industry that bigger players should be looking to acquire AXAS, since it owns more assets than it knows what to do with, and since it could be acquired for less than the net value of its parts. It the short term, that could drive up the share price a bit. In the long term, perhaps AXAS will feel the heat the shed some of its unused assets & pay down its credit line. But the only party with enough muscle to force AXAS to sell assets is probably its lender(s), and they just did so to the extent of $22 million.
This indictment is entirely warranted when:
"... the Company's stock has lost significant value and has performed much worse than the stock of peer companies over the last six months, one year, three years and five years. In fact, in the last six months, the Company's stock price is down 32%, which compares very unfavorably to the stock performance of companies identified by the Company as peers,* which have increased on average by 30%. To create value for stockholders, the Board must do something to close this performance gap."
* The Company's 10-K lists the following peers: Double Eagle Petroleum, Endeavor International, Evolution Petroleum, Gulfport Energy, GMX Resources, Petroleum Development (PDC Energy), PetroQuest Energy, and Warren Resources.