RE:RE:RE:Fiscal SuicideThe share buyback for ARX have done nothing except evaporate capital. They would be better off with the money in the bank earning 5%.
It costs money to hold arx shares, and they sure are taking a beating in the market place. So the share buyback wasted a lot of capital, and that resulting in no capital residing on the balance sheet when it came time for a mega capex spend cycle, this is all because management has been sitting on its hands for years. So what did it cost shareholders for ARX management to sit on their hands for years a stupid amount, compounded with generous shares and options.
I wonder when ARX will not be run by the accountants, and will really be an oil and gas company agian.
ARX stopped hedging because the Accounts crippled the company to a point where their were hardly viable.
Bibby is death to the company, worst CFO in all of the patch. So inefficient that is why are is grossly overstaffed. Time for a house cleaning.
IMHO