RE:AGMI listed to the recap of the call.
A few things I took away some of which are already well known:
- NCIB: This is an agenda item for their next board meeting and I suspect it will be renewed.
- Substantial Issuer Bid: They addressed this and said that the liquidity in the shares don't exist for them to gain approval for this.
- Share Price Apathy: It was acknowledged that the past 10 years of share price performance has been dissapointing. Management continues to tow the line that they don't support "share price" promotion but what they can do is focus on the fundamentals. Management acknowledged that the share price when measured on a Book Value basis is very low.
- Return on Equity: This was not addressed. It is worth clarifying this directly with Management.
- Assets: It is clear that there are substantial hidden assets on the balance sheet that the market is attributing very little value to.
Aside from continuing to try and run a great business, there was nothing outside of the NCIB that jumped out at me as being a direct catalyst for share price appreciation. With that said, an AGM celebrating 100 years of the Company likely isn't the venue to reveal significant plans.
There is subsantial value here and Management and employees know it!
They are in Harvest mode so I expect them to free up assets to return to shareholders.
LR