NO means NO ! Wow. I was bowled over by the press release by Concerned Shareholders of Tuckamore. I urge everyone to read it. Superbe job ! What a scandal. Who needs movies when the real world is so much more unbelievable. This is just about the biggest stink bomb. Reminds me of the Nemi shareholder revolt. Isn't there some legal fiduciary duty that directors have to the shareholders?
Brokerage firms really should know better than to do these fairness opinions and risk tarnishing their own reputation for a quick buck. I recall Baffinland - at least there, one could argue there was project uncertainty going forward. Here we have a real oil service company that is growing EBITDA 20% a year and just had a blowout Q1 2014. I'd say its gotta be worth $500 MM if its worth a dollar.
I'm glad the Right Honourable Brian Mulrooney, P.C. bailed as director - although some (those who don't like him) might say "even" he bailed out (ha ha). Well, either way that should tell you something.
If I were running TX I'd take Clearwater public in an IPO and see what the market pays for a company like that these days. (ALOT !) Then we could use our capital losses against the gains from selling shares, and pay off debt with the proceeds.
So obviously vote NO. And I'd say this is a case where one needs to take the extra step to go about dissenting in case the buyout succeeds - the judge would have to award at least $2/share just based on the latest balance sheet and the lowball (un)fairness opinion
.