RE: Panic on the street Jack Bogle- the man who invented ETF's said it best. In an interview with Howard Green on BNN, discussing HFT by algorythms which can drive prices down below what is reasonable, he said (from my memory), you are not obliged to sell such cheapened stock. And he went on to illustrate recoveries from depressed levels in the past.
I do not know whether it is this kind of algorythmic trading that has caused the current depressed price of LSG. but I suspect so.
Gofcar says that the cash position is weak but his statement compares it too LT debt that includes the $100M convertible debenture. He ignores my question whether the convertible debenture should be considered part of equity. I ask him now whether he would be so critical if it were part of equity.
The following extract from the debenture's prospectus is relevant IMHO:
Payment upon Redemptiion or maturity: (Page 21)
".................Subject to regulatory approvals...............the Corporation may, at its option,...............elect to satisfy its obligation to repay the pricipal amounnt of the Debentures........... in whole or in part, by issuing Common shares................"