RE:RE:Not As BadBudFoxx2020 wrote: So why are they going bankrupt and selling off asset at dirt cheap prices. Oh that's right you are one of those guys that only read company's NR but never bother to do any real and actual DD. Do you even know what MCI does or even looked at their financials. You don't have to answer that, just keep reading company NR and take them as gospel. Cheers.
Bang on response. MCI has been bleeding cash and looking desperately for someone to delay their inevitable bankruptcy.
Well has been bailing them out going back to May when they bought their failing Alberta operations. MCI stock price has plummeted since April when they announced that they were looking for strategic alternatives to prolong their operations.
MCI on March 31st announced Q1 results where they stated a loss of $7.4M. Cash in hand was a paltry $1.5M with liabilities of over $20M. MCI is only buying time until its inevitable bankruptcy.
I question this purchase decision by WELL. Be wary of sudden new pumptards who suddenly appear on the board with "cut and paste" analyst targets but no supporting commentary on why this acquistion is positive to WELL in any way.