RE:RE:RE:Valuing the PNG Bus w/rights offeringWhat we know for certain: the current balance sheet is absolutely wonderful, the latest financial results are excellent even with just 1 PNG rig, the PNG business is worth at least double the current market cap, and they state:
"Energy security, evolving attitudes to carbon sequestration and the longevity of Canada’s oil and gas industry as well as growing alternative energy industries, provide opportunities for the Corporation to prudently invest in businesses positioned to benefit. These considerations and opportunities are supported by the long-awaited pipeline expansion to tidewater which is close to being realized for both oil liquids and natural gas production. It’s a positive development and sets up a favorable backdrop for relatively sustained upstream energy service demand as the world accelerates a transition to responsible production and lower emission energy consumption. In the immediate term, the current monetary policy environment is delivering high yield fixed interest income for investment of surplus cash. The Corporation is moving forward to establish new leadership in Canada to seize high margin opportunities and set a new direction."
I don't yet sufficiently understand what they are doing. All I know is the risk-adjusted value is exceptional.
I expected the shares to be nicely up today, but clearly there is very little buying interest as investors probably are confused and confounded about what is going on. If they had a clear plan for unlocking value, you'd see the shares surging on high volume.