Post by
dosperros on Sep 01, 2020 11:10am
Ownership per the mgmt circular
I just pulled it off SEDAR but it's probably on the site too.
Big hitters:
Polar: 8.6 million shares (18.4%)
BW: 8.2 million shares (17.4%)
No other material institutions.
People:
KS: 1.26 million shares
DR: 0.45 million shares
Costello, North and Miller: a meagre 94,000 shares. WTF, guys. I have 50% more than you and I'm poor and half your age. This grinds my gears. At least Jimmy Jia is gone though, he was a passenger with 0 shares his whole time on the BOD. That SOB drew $33k in fees in the last year to add insult to injury.
And speaking of, I'm actually surprised Ken had the audacity to propose (and pass with 93% affirmative) this stinking albatross:
"The Board believes that approving an amendment to the Incentive Plan to increase the maximum number of Shares available for future issuances pursuant to the grant of LTIP Awards by 1,500,000 is in the best interest of Conifex and recommends that Shareholders vote FOR the LTIP Resolution."
How about you all GFY, crack open your wallets, and buy some shares the old fashioned way rather than this dilutive, rent-seeking BS. Obscene. You'd best be feeling mighty incented. But hey, if you need to stay really caffeinated to steer this ship this who am I to judge -- spend your salary on venti Pikes at the Starbucks (orand then roll with the freebie incentives. But at the least articulate a strategy and framework. I can do it for you in a few hours dudes, it's not that hard.
I'm lastly reminded of the quip about bad mgmt. A Munger-ism I think -- when the gardener is doing a bad job you don't sell your house. You fire the gardener. We can't fire any of the BOD as the two BC Hydro jockeys on it all but guarantee great power pricing terms upon renewal. So it's just a matter of having higher standards for the unacceptable radio silence and 'more of the same' ethos that sank this ship to begin with.