Anschutz wrote: Speedy: I agree with most of your comments. The things that really bother me the most is of course the loss of market cap, loss of market confidence, high salaries, and high administrative costs. The free daily meals for 1000+ staff and chef also rubs me the wrong way. Throughout the downturn other companies and industries cut back. CPG seems to have carried on with management and staff experiencing little pain, expecting shareholders to bare the burden.
Speedybeedy wrote: Its interesting that the CPG board would release a news letter, asking shareholders to vote agianst Cation as it will destroy the SP.
As an investor I kind of think that the SP has been destroyed already and im not sure and noone knows who has a hold of the share dumping here to keep the price in the dumps, but something unusual is going on here.
I know that CPG is very actively drilling as we speak, and I also know that this is the best time for any company with long term objectives to be working as the contractors are plentiful and cheap right now.
I do believe that staying the course as is, most of us that bought in under 20 will see our money back, people that are in over that range could be waiting for a long long time to see a recovery of that magnitude.
That being said, I also believe that management of any companys salaries should be a direct refelction of profits, which is one reason I like companies such as Surge Energy, and I do beleive that the board of directors here with CPG deserve a spanking for previuosly decieiving shareholders and maybe that time is now.
A proportionate salary to the board and instilling investors confidence im sure are the big reasons that Cation wants in, although I do not believe that CPG is doing anything wrong at this time operation wise.
I can tell you that during the downturn Suncor for example, cut out all their reward meals that staff was free to order once a week.
They went from everyone having their own rooms to room sharing and renting out all spare rooms in their camps.
They cut back on performance bonuses, they cut out all catered hot meals to plant workers and they now have to pack their own brown bag lunches.
These are just a few things off the top of my head, now I know that Suncors stock price has not been affected as much as others as they have extraction, refining and retail so although they suffered with the low price of oil they make up for it on the retail end.
This being said. If I knew foresure that CPG management did not follow in these foot steps and cutbacks and were still spending 1000s on custom meals and chefs I’d be very very disappointed and I’d be sure to vote for Cation as there would need to be some serious changes made to the board immediately.
Thats no different than stealing from shareholders in desperate times. Just the thought of that upsets me.