RE:Fund purchasesTheCount11 wrote: I would not be surprised if Fund ownership of Reitmans slowly increased.
The board will face hostile Fund shareholders in June if they just keep rewarding management.
I am unimpressed with board. NCIB was a no brainer when stock traded for less than net current assets.
I owned Reitmans stock pre covid. In year ending February 1, 2020 Revenues were $869M while operating loses were $51M. The Company bought back 14,462,944 shares at a price of $3.00 per share and had a $ 0.15 per share dividend. 48,867,322 shares were outstanding.
Covid. Company goes into CCAA. Stock stops trading. Gets booted from TSX. If creditors don't approve shareholders may get wiped out. This seems to be lost on the board. Did the board go out and buy stock with their own money? How much?
Now there are 49,742,000 shares – diluted, no buyback and no dividend but a pissed off hedgefund who has already sent a wake up letter to the sleepy board.
Let the fun start -