The Petey Clown Show Hi fellow bagholders,
I've been watching the discussions on this board from the sidelines. I'm currently holding close to 2 million shares of Vanstar with a price range between $0.35 and $1.25.
The latest tweets from our Lord and Savior Peter Grandich were eye-opening to me and I thought I would share my conclusions...
If memory serves, the reason the stock was “underperforming” recently (It did close to +500% year-on-year…) was because of the incompetence of the former board and management. PG pushed that narrative and strongly suggested to his “followers” to vote in favor of the new board. I partially agree, I voted for all the new directors by the way….
Now, 2 weeks later, he is pushing for more changes in the company.
It's now crystal clear that Mr Grandich (and "his clients") are overextended. They went pretty much all in based on the fact that VSR would be taken out "By the end of the year" (PG words) at a price "between 3$ and 4$" (again, PG words). I think he's partially correct : VSR is going to be taken out at a higher price than now but unlikely before year-end...
PG painted himself in the corner promoting a highly speculative scenario that becomes more and more unlikely with each passing trading day. Then an industry-wide selloff happens. Obviously, his clients call him on a daily basis and he has to justify the fact that his (highly speculative) scenario does not go as planned…
Then “Petey” posts another rant on YouTube asking for more changes in the company. He’s mad against the same board and management he was supporting in his previous YouTube rant. Isn’t it amazing? He knows the share is going back up from this level and he’s going to take credit for the reversal. Classic stock peddler move.
By the way, if the “Wall Street Whiz Kid” thinks the company is worth between $3 and $4 a share, why doesn't he orchestrate a buyout to bring the company private? Because he’s an overextended stock peddler that’s why.
You’re all being played.
I think the Nelligan project is a world class asset, it’s obvious to me that IMG is going to take out VSR at some point but in the meantime, the only thing the company can do is to capitalize on the newly acquired projects (I’m interested by this Felix project btw) and enjoy the free exploration ride on IMG’s dime.
I can’t wait to see what the Petey Clown Show is going to bring next !
Stay safe !
From a (realist) VSR shareholder