Vote No to Management's Proposed Stock AwardsA year ago the share price was at $2.55, today it is at $1.43. Oh.
Table from MD&A indicates product pricing has not kept up with US inflation in last 3 years!:
Selling Price Index
(Q1 2013=100)
16Q1 15Q4 15Q3 15Q2 15Q1 14Q4 14Q3 14Q2
107.5 109.0 111.4 110.0 112.2 108.3 107.2 106.4
Two years of excuses: maintenance, taxes, sea channels, conflict with JV-partner, rain, permits, delays, no customers, more rain, even rain in winter. All the while everyone is increasing prices in every product by 15% (every year) all around them.
a year ago: The proposed resolution to amend and restate the Company's stock option plan, as set out in the Circular was withdrawn at the meeting on the basis that there was insufficient support.
Last quarter: lowest sales in years, pricing retreated, losses and then promoting shipped tons in April but not booked sales.
Very nice try at robbing the cash register - thank God the TSX asks for a shareholder vote. If it did not come to the table in 2015, why put it on the table in 2016?
When the Aggman started his career it was "all pick and shovel stuff" - none of this dubious paper money. If the share price was at $4 on 4.75M tons, I'd put a chalk mark in the yes box (well, have my girl do it). But this?
SG&A has fattened - for what? Keep in mind the team are all on a handsome wage - no one is going hungry on $365,000 a year.
Get back to work - sell some rock for starters, earn your keep.
Aggman