NVA needs a new CFO, its costing shareholdersNuvista paid 700 million for the Cenovus property when is include all fee's and bonus amounts managment paid themselves, and now with all their properties, assets and book value have their bank line cutting their bank line from 550 million to 440 million, in a recovering oil market.
Essentially their bankline use to be 25% higher, and who represents the company talking to the banks, the CFO who is the proud owner of 100,000 NVA shares that he more than likely got given to him. Time to the CFO to see the door, Frankly speaking is not qualified, and has hand cuffed the company fiscially.
Nuvista does not need someone who's resume reads us to work in the finance department at Rio Alto exploration, a dinky little company. Or use to be a controller somewhere, they need someone who understand finance. Unqualified and incompetant.
The share holders are paying the price and the companies operations and flexibility is handcuffed by the poor relationships with the banks. The banks enjoys have 220 million of bond debt, and 200 million of share holder equity buffering them from any risk.
Time to get rid of the CFO, the management are poor representatives of the assets and fiscal strength that resides in NVA.
If the management had any balls they would of bought that block of shares for 61 cents that POU bought, they are too low level and should not be managing a public company.
IMHO