RE:AdomisOh UncleFronbroth - I was once like you. Chipper, eager to grab the world by the tail and sitting on a healthy gain which made me feel oh so smart.
Let me give you a piece of advise as it relates to T.E - if you are sitting on a gain, take the money and run.
This, I believe, will be E's 3rd kick at the can trying to be a 'value added consolidator' of companies. Version 1.0 crashed and burned (look up A & G Grant Construction or Trevor King Oilfield and see how that turned out). Version 2.0 got dismembered by selling TC Backhoe and Calgary Tunneling (at fair prices, mind you) and now you want to believe in the 3rd time being the charm? Giving these guys capital to spend on M&A is like giving Ray Charles a Maserati.
Here is a balance sheet stat for you:
Share Capital (i.e. accumulated capital raised): + $80.4 million (including warrants)
Decicit (i.e. accumulated losses from business): - $35.2 million
Did you know that in 2016, Len's cash compensation was more than double that of the CEO of Trican? More than the CEO of Ensign, Secure, Western, Total, Black Diamond, etc.
Do you want to speculate why a company head officed just outside of Edmonton has the need to host its AGM at a golf course or the nicest hotel in Kelowna/Vernon every year? Is it because Kelowna is easier to get to for institutions than Edmonton?
I could go on and on (and on) with my perception and opinions on Management, but I think you get the gist. A rising tide (energy recovery) lifts all boats and E should certainly see some continued improvement. However, there are a litany of names that I think you would be better positioned to participate in a market recovery than this one. Think about this - they truly believe and represent to the market that their strategy is to buy companies at 3x EBITDA and that the market will then value those higher because they operate under their banner, with all of their additional costs, etc. and all the "value" they add.