Post by
Stonksonlyup90 on Oct 19, 2023 1:44pm
Heads I win… Tails I win
I see buying at these levels as a bit of a 'no brainer'. Stock is trading below the Working Capital valuation and is a business generating positive free cash flow and poised to increase FCF significantly.
We seem to be trading in a holding pattern until further news is released about the reorg/return of capital. However, I see it as a win/win buying at current levels if they either cancel the reorg OR go ahead with reorg.
Cancelling reorg, will certainly be seen as a positive for many that don't want PNG to be spun off into a private co.
Going ahead with reorg, will surely unlock value with where the stock currently trades.. it just might not unlock 'as much value' as would have been in coming years if maintaining status quo or spinning out to a pubco.
Just my thoughts.
Comment by
auburn2 on Oct 19, 2023 5:36pm
Then who is selling and why?
Comment by
JonathanJSmith on Oct 19, 2023 5:58pm
The scarecrow. Because he has no brain! :)
Comment by
colourama on Oct 19, 2023 6:18pm
There are many stocks out there - perhaps they don't want to wait to see what happens and see a more immediate opportunity elsewhere.
Comment by
Stonksonlyup90 on Oct 19, 2023 6:37pm
Could be.. or even possibly they own a significant stake (9.9%) and they are selling a minuscule amount driving down share price and driving up interest and eyes on the name to put even more force behind the breakout. ... Could be a multitude of reasons, we can speculate all we want, but one thing is for certain.. it's DIRT CHEAP here.
Comment by
blackwolf25 on Oct 20, 2023 2:05am
There are many things in this world not making a lot of sense. So we wait to find out.
Comment by
colourama on Oct 23, 2023 12:43pm
Call me foolish, but I can't help but add here recently. Someone willing to sell their shares for essentially the cost of net cash + Team Snubbing Equity, and everything else considered worthless? I'll happily take them.
Comment by
Stonksonlyup90 on Oct 23, 2023 2:02pm
Agreed, in this environment I'd say it's a pretty safe place to hide out. It would be nice to hear what management has been up to though... Guess we'll get an update in 2-3 weeks with the Q3 financial release
Comment by
JonathanJSmith on Oct 23, 2023 9:54pm
That cash desire you not - give your equity to Yoda!