Divy now at 8.25%In spite of the previous divy cut, with astute management skills the exiisting team at AQN has managed to drive the share price down over 65% from its highs. I am sure they are exceedingly proud of their handiwork! All this to say that we now have a divy of 8.25% which is completely unsustainable and unrealistic. As many have been saying for sometime, the existing Managment Team (alright I'll give into the negative folk on the board and call them the Mis-management Team) really do have to go, along with the BoD who put the previous CEO in comand. Those he hired who have the same mindset simply have to go before this gong show can move forward. Don't blame the interest rates - the fact that they would ultimately go up was a given so the debt load needed to have been addressed months ago - no surprise here - just folks asleep at the switch raking in massive salaries and benefits.
Perhaps all management bonuses and perks (and, sadly, the divi) need to go until they turn around this mess. While I didn't really take those who were forecasting a share price of $2.00 to $4.00 seriously, I probably should have. My apologies to you. We are now approaching $7.00 and we haven't even entered the Tax-Loss selling period. The shorts are about to have a field day (not that they haven't already). As someone mentioned recently (sorry I can't remember just who) no money manager wants to have this embarrasment on their books come January 01.
Yes, its going to cost many tens of millions, maybe even hundreds of millions in severence packages and golden parachutes so those who have placed us all here get their "rewards for all their hard work". But until we unburden ourselves from continuing to do the same thing over and over with the same Management Team this will remain a slow moving train wreck.
Too bad there is no such thing as a "Non-confidence vote".
Good Luck to those Longs still on board - we're REALLY going to need it!
Rusty