RE:2p nav on december 31, 2017 was $10.15 per share
I agree. You guys need to revolt and vote this down to avoid this terrible precedent in the Canadian oil patch.
When I saw the headline I thought to myself: Shite! I missed this one as I was looking at it seriously. However, when I read through....
People were and are still complaining about the take-over of Cona but, this one is way worst. Cona had terrible short term numbers due to hedging/WCS and the stock price would have come down significantly without the offer. And the offer was a 30%+ premium paid in cash. Not a share exchange!!!
Here is another example this morning of Aveda Transportation (rig mover) being acquired for a 70% premium paid in cash + a contingent payment of 50% of the acquisition price!
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aAVE-2593982&symbol=AVE®ion=C
Now the problem IMO is that Vermillion will simply raise their share exchange ratio a little to gain shareholders. Unless another suitor shows up this looks very bad. Spartan management truly threw its shareholders under the bus.
It is too bad because this company had no problem whatsoever staying independent. All numbers looked very good. It attracted me because it was cheaper than BNE, WCP and TOG while being of the same quality.
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