LuckyLuch wrote: It is not "bitcching" but rather stating the fact that the current mgt team has been given every opportunity to succed for more than 10 years....and have failed. I grew tired of the interactions with Garnet as he seemed more interested in trying to impress me with anoffer to visit one of their job sites than making the real changes which would enable a higher share price. If i wanted a handdjob, I can go across town to the asian spa and save the flight to Alberta.
Believe me, the mgt teams at these small cap Canadian companies watch these message boards like a hawk . Primarily, to see if they can spot if an insider is divulging confidential info but also, they create accounts to steer the narrative towards their goals.
Do you think it normal that ESN has seen almost zero board turnover in 8 years despite an plunging share price? The status quo is no longer acceptable.
I sent a blistering letter to the BOD this past spring and have yet to see any action. I'm asking for investment bankers to be hired to conduct an evaluation of options which should include a sale to the highest bidder. Unlike debt bloated pigs such as Trinidad, Savana....ESN has a couple million in net debt. They also have relatively new equipment, decent footprint in Canada, optionality with their US div, solid safety record and are well respected operators in the WCSB. My beef is with the suits..not the line employees who by all accounts do an amazing job.
The lack of an activist culture in Canada is a hindeance but thngs are changing. Last years TOT hostile bid for SVY should have been a wake up call to mgt teams across the space. Ensign's TDG bid should be a kick in the pants to the large instl holders that they have the power to force change. They should be pressuring BOD's for additional M+A in order to square up the overcapacity issues, sell equip OUT of the WCSB and scrap the junk.
In conclusion, we own a little over 2% of the shares outstanding and aint going anywhere. We continue to seek out other large holders and make our case that action should be taken to force mgt to enhance shareholder value.
Amadeus2011 wrote: This was a very civil board for years until you two started bickering.
EVERYBODY, including you two agree that the stock is undervalued and that there will be upside at some point. Whether that's from changes in sector fundamentals or a take out bid from somebody else, who knows? And really...who cares??
All your b1tchi1g and arguing isn't going to make a damn bit of difference. So instead of taking pot shots at each other, how about trying to be a bit more adult and stating opinions and having a DISCUSSION instead of scuffling around in the school yard dirt like a couple of 10 year olds.