RE:RE:RE:RE:RE:RE:RE:Don't vote for Cation BoD nomineesoilyexec wrote: yes Cardboard. A NCIB is obviously the way to go considering F&D cost is much higher than their NAV. This is my main question at the AGM. I have tried contacting Sax but he and his IR dept don't reply. I guess its because I own less than 100K shares.
It has been generally accepted industry practice to rewrite the stock option price at the low point in the SP. This reinvigorates the key people. If options remain underwater then all the good people jump ship for another oilco where they can tie into the current low SP with their new options.
Bottom line - everybody in the oil patch is greedy and aren't there for moral reasons. Capitalism at its best!
I have many more shares than you and I did speak to CPG about a NCIB. They said they would not do it because they don’t believe investors will appreciate it more than they will appreciate debt reduction.
That is a fair reply, but I asked them why did they then need to increase capex in order to increase production since investors repeatedly said that they didn’t want that, and they were silent.
I said that excess capital should go towards debt repayment AND a NCIB. They said they would discuss it internally and then never got back to me.