RE:A Long Road Ahead of UsThanks for posting that. You are right: given Rabe's past behaviour, after he fights in court to try to stop the requisition, and eventually loses that, he will also fight in court after he loses the vote, whether that vote happens at the requisitioned meeting or even at the next AGM. It may very well take 2 different court actions to expel this sharevalue-destroying self dealing leech. Frankly, it never occurred to me that he could go that low, but the example you gave shows that it is not without precedent in corporate Canada. It is a shame that our corporate culture is so disdainful of shareholders, the poor saps that actually own the businesses, and whose money is at stake.
That could also explain the lack of interest in the market for this stock at the moment, despite the large gap between the SP and even the most conservative valuation of the NAV: institutional investors probably just want to stay the hell away from any company with an entrenched parasitic board, because it can be timecoming and costly to get rid of the pests.
Depsite this, I still remain positive in the long term: he will eventually be kicked out, and the share price will rebound. Note the rise in price just upon hearing news that a requisition was made. Note the rise in price that occurred just because Mittleman fiiled a counterclaim against the company: pretty unusual for a lawsuit against the company to cause its stock to rise, but that is where we are with this clown car of a board. The risk is how much share value can he destroy before he is kicked out? I am hopeful that he can't do that much damage: no one is going to want to enter into some major deal with him now, given that not one but two shareholder groups are trying to force him out. The ILS business does lose 80 million a year, which is shocking, but they are laying off workers so we can hope that it won't be as much as 80 million this year, and the dividend from PLM can hopefully cover a good chunk of that, so while we will lose some value, it hopefully won't be too much.
Patience: there is a steep upside here, but we may not experience it until late 2020. It does suck having funds tied up in Aimia though as we wait, with the stock either stagnant or dropping for another year. I can see why so many people dumped it. Still, I am in for the long haul. And there is always the chance that a purchaser for the whole sh!tshow will show up on any given day.
SeekingFinInd wrote: I suspect the removal of unwanted board members via the special meeting may take a long time. In fact, the 2020 AGM may happen before it. I am sure the company will need to be compelled by court action to hold the special meeting and even then will the unelected directors resign. See the news release below.
Parasites are tough to exterminate. They love living off of the money and efforts of others.
https://web.tmxmoney.com/article.php?newsid=5711468228227309&qm_symbol=BYL