RE: RE: Asset sales ?????????? a few things. there is no michelle robataille/bruce campbell cover up. the company announced they are going to explore strategic options. not that anyone has already contacted them or that a deal is in the works. as michelle r. and bruce c. are aware, this is the 2nd time the company has put itself up for review. the first time they had a ton of cash on the books and their shareprice wasn't reflecting that cash and their assets so they initiated a strategic review. that review ended when management decided to buy some (nat.gas I think it was) assets. so every analyst who follows this stock knew this was a possibility. with this being said, I hope this strategic review ends up in a juicy deal for exisitng shareholders (and to tell you the truth I am thinking of maybe buying back in).
secondly, I gotta question management. why would they cut their distribution only months before going into a strategic review process? sounds an awful lot like nae cutting their distribution, lowering the shareprice and then immediately allowing pgf to scoop them up for hardly any premium. I'm not saying nae did or did not do this on purpose but either way it smacks of mismanagement. Same thing here. If the company is undergoing a strategic review process because they think their shareprice is too low, then why did they cut their distribution? What did they think was going to happen when they surprised everyone and slashed?
Its making me think, how much in a tight spot are they in (if at all) if they are going to consider a sale of the company so soon after they cut their dividend? Just things how I view them from my perspective.
disclosure: had some on two previous occasions (both times at higher prices) but dont have any now; considering maybe taking a small position; however, not really a fan of management. still, though...I'm such a tramp for m&a ;)
regardless if i am in or out, good luck.