RE:RE:RE:RE:News. RE: It's true the corporate strategy has been very lacklustre.
This doesn't make sense. The IRR has been fantastic on the real estate side. Therefore the corporate strategy has been good.
RE: Implement a dividend if management insists on being a value company.
This doesn't make sense. If you cloned Buffett and put him in there, he would probably do the exact same thing as Toby - buy back stock and grow the business at 30%+ IRRs. A dividend doesn't make sense to the alternatives.
It is frustrating that the stock price sucks and there is zero volume which limits the NCIB, but Toby is literally doing what people are recommending. Spin out part of the real estate to Yanks to push a better valuation. What he could do is an SIB at say $1 for 5M shares or so.
I agree that the stock price sucks, but I added during the crash, and honestly I'll keep adding here or there. This is a perfect example of the opposite of a value trap where the price goes down and the fundamental prospects go up. So you just have to sit around and wait to see what happens with the spin out. After that, sit around and see what happens with the major projects in the next 3 years.
If you have held this thing since inception, well you definitely bought in too early and probably overpaid. But that doesn't mean that the next 5 years will be bad. It's a rough reality out there.