Same as my initial thoughts when I saw the 8-K. It was effective a week ago, so I think Frank has been preparing for what he knows may be coming.
The same way that the court has repeatedly thrown Frank out each time he tried to file a lawsuit against Wise, the court can also easily nullify the indemnification agreement for similar reasons.
I'd be interested in hearing if Wise knew about this or if it was also done behind his back?
Q4 posted profits of $2.5 million.
Additionally company had a $10 million tax benefit.
Full year earnings excluding the benefit was $7.82 million or 6 cents/share.
Full year earnings including the benefit was $18.64 million or 15 cents/share.
Company is now solidly profitable, with EPS on the rise.
Shares are significantly undervalued at the current price.
I am starting to slowly accumulate down here having been out of the shares since earlier in the year...I know not to bite off more than I can chew. I don't think dividend will be raised - not until things stabilize and better profitability. I'm hoping in the next day or two some tax loss sellers just want to toss their shares at whatever price they can get. I'm only buying lower from here.
At the current price and lower, my belief is that the company is ripe for a buyout at a 50% premium.
Happy New Year to you too.
Thank you for the thought.
Unfortunately, I would not be able to live with the media and others digging into my personal life looking for smut. I would also have difficulty being a good politician - being able to lie to constituents and colleagues while keeping a straight face and then backstabbing anyone necessary when it would prove advantageous to me.
they come back as the shares approach 50 cents, the momentum gets going, shares go to 55 cents, then they back out. you need to buy on the way down, be patient, let the sellers come to you. these past few days has simply been tax selling - someone was nice enough to give me some shares yesterday at 42 cents.
just be patient, take more shares when someone really wants to get out and is willing to part with their shares at the bid. no reasons to pay the ask when volume is so low.
as things continue forward and company continues posting solid results and continued profitability, the volume will come back and shares will move higher. for the time being, again, need to have patience.
as has been mentioned here, LTS is a good comparable, and NHLD is much better on most all metrics and certainly undervalued.
I'm guessing we should get a January bounce as the tax selling is about over.
Jenny Yu votes with Wise - she is a colleague of Wise's. If you read some of the prior propaganda, Yu was asked to attend board meetings by Wise, but Frank had issue with that since she is not a director and claimed information being discussed was "confidential". I believe Frank tried to claim that Yu's holdings was actually causing the situation which he was arguing to the court in that Yu + Wise was over 20% and they were essentially a "voting group" because of their relationship but didn't claim to be...essentially a way for Wise to control more shares though not directly attributed to his ownership.
Frank knows that Wise will carry sufficient votes - that is why he is going PR insane these past couple weeks.
Morgan is also a dissident - currently a director as well.
As far as the incumbents and the number of shares held - go pull up the 424B3 from April and jump down to page 6 - it shows how many shares each owns as of that date. The amount you have for LaGrange is what is shown in the prospectus.
"What I don't understand is why LaGrange et al doesn't just buy the outstanding shares and take this private...the amount of money is tiny, in relative terms of public companies"
LaGrange or Wise? I could see either buying the whole thing.
"I would've bought shares today but no size was on the ask so I didn't bother chasing it."
I noticed same when I was jumping in past few days. Very few shares bought or sold can move the prices quickly. While the sellers were pushing down, I'd pick my price, then just watch it slowly fill. Happy with those prices now, but would really love to grab a nice gob of shares in the 70s.