RE:RE:RE:RE:RE:My Feb 7, 2021 Post. No replies to it. Why not?mrmoribund - Thank you for the reasonable response.
Comments: FGP was at 14.5m in Feb 2020. June 2020 they dropped below 10% to about 11.6m. They started selling before the special buy back.
Last time I looked FGP were at about 1.4m shares.
Your dates/ prices may be a bit off - yes the SP got to 2.60 in about October 2020, but FGP was not selling at 1.81 after that.
Regardless of dates and prices, FGP has voted with their feet in a big way. They are largely out. Yes, funds./ everyone makes mistakes, but generally, a large seller is not a great vote of confidence.
It could change, but does not appear any other fund has come in.
Insider sales - one of my related posts did say there are many reasons insiders sell. I get that. I also said there is usually one reason they buy shares. In QTRH case, aside from PH who is buying? This year, last year and the 10 years before? Who is deeply aligned, with enough of their own skin?
I had also commented a few weeks ago that 4 directors did not own very much. Skippen owning more does not make up for others' shortfall. And he now owns less.
Think of the BoD total comp and compare to what is owned. It is laughable. The Chair has been around for what, 16 years, and owns about 116k. Several of them have been described in the Circulars as not owning the requred $ value, for a few years in a row. So what is the point of the ownership guidelines? Or who in the world is really paying attention? The Chair? Shareholders?
Relatively speakiing, based on LT results, including the SP and a $200m increase in the Deficit over 14 years, the overall BoD performance has been woeful in my view. How can investors (not traders) have confidence in the same BoD to execute a new $100m to $300m plan?
The only way I can reconcile what seems to be blind dedication to the BoD/ Mgmt is that some of the posters are employees or are related, or are day traders/ pumpers/ dumpers, not LT investors seeking value. Or they have a relatively small $ holding. The first clue on that was that no one had a comment on my Feb post on why Gilberry had a very large number of votes with held the prior 2 year. Skippen did as well, 3 yrs prior.
There are many investments I hold that I barely look at, let alone post on SH about. And the $ are certainly too small for me to look at the BoD, Comp etc etc. But if QTRH is meaningless to some on this page, so that they have not paid attention to th BoD etc etc, what is the rationale for defend a BoD/Mgmt given the facts and the LT track record for QTRH. But it may not be that they are defending. It is the SP.
Short term, i do not care about SP. But a weak SP speak about the BoD etc. It can spell opportunity for investors. Such opportunity can be turned into $ returns if issues can be identified and addressed/ good changes made.
My view is that change is needed at the BoD.