RE:A Data Dump on TorstarHaving quit my job (maybe too early) I have some time on my hands to offer some counter-statements.
"Star Paywall Redux – The brain trust has determined that the failure of 2015 won’t be repeated in 2018." ....
Three years is a lot of time to collectindustry data and for the situation to change. It just might be that the pay-for-content mindset has changed.
" The Pension Plan Transfer – This is probably at best a neutral event as every company with a defined benefit pension plan would jump on this wagon if they could escape all of their future liabilities. "....
According to their financial statements, there are some real and significant gains to be had here. Other plans maybe cannot jump on this wagon because they do not align with Torstar's business situation. I am not expert enough to really say much here....
"Insider Ownership - DSUs and RSUs are retention gifts and don’t require senior management or Board members to dip into their own precious pockets to buy shares."....
Okay, no one might be reaching into their pockets, but it might be a matter of opportunity costs. So, in a way, folks are reaching into their pockets. They must figure that the DSUs and RSUs are worth more than the compensation offered elsewhere. If the stock plan is worthless then it is like they decided to get paid less...which seems like an unlikely move.
It might just be that folks do not want to tip off the market with insider buys. It makes good sense to keep that information quiet.
"The Recent Spike in Share Price – We are coming up on a year since Fairfax purchased several million shares to take a 40.6% interest in the B shares. Perhaps savvy investors are scooping up shares in anticipation of some sort of move by Watsa."
One of the themes here is that we want Watsa to just buy Torstar already! Well, I will suggest something else. Well, others have already stated it, but I will do so again. The move to make at this point is simple: buy shares.