Mr Barrington has lost a bit of his luster by allowing the street to mishandle the public offering. The share price closed at $17.20 on Tuesday. Mr Market was placing the value at that time. Why allow the banksters to shave 20 per cent off the share price by coming out with a $14 offering price? Mr Barrington has consistently stated that the share price was too heavily discounted, yet he allowed the low balled offering. Even if the raised capital is employed by an immediately accretive purchase the dilution could have or should have been reduced by twenty per cent.
Perhaps a future acquisition will turn out to be a steal of the century. At this moment I feel that we longs have been had. Still, a strong buy at the $14 offering price.
Looking forward to the explanation at the conference call.
I'm still not sure why you guys think the CEO has been a master capital allocator until now. The business is managed by Summit/BBAM ... the CEO is just a talking head. Remember the Onyx deal, where they let Onyx purchase shares around 15% below the market price (at that time)?
I've been saying it for years ... if you really believe that your shares are trading at a discount to BV, you repurchase shares.