Real mistake they made
Not selling their 2 remaining large royalties.
How useful that cash or less debt would be right now? Could buy millions of shares for peanuts. Could even buyback some of the debentures trading at a discount.
This is not even 20/20, I mentioned it at the time. The shares were already trading for a low multiple at $4 and even at $5. While these royalties were selling for 10-20 times EBITDA. There was zero need to predict the oil price. It was all easy math in front of them.
Would have been very accretive and vs current price is extremely accretive strong enough words?
Instead they kept it all and now we are paying the price for it with a lower dividend and nothing to play offense. Sad!
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