RE:RE:RE:RE:RE:Vertical scope thoughtsHi Extreme,
I hear you. Transparency has never been the hallmark of Torstar, notwithstanding they are in the media business. They will tell you their disclosure is not opaque for competitive reasons. I can assure you they could publish verbatim their budgets, strategic plans and other “sensitive” documents and no one would care as they make absolutely no sense. These documents would only reinforce the notion they are clueless following an incoherent set of plans with fully predictable disastrous results. Their track record of the past decade makes that indisputable.
I understand anyone and everyone having serious reservations about investing a single dollar in these shares. It isn’t by accident this Board and a series of misguided executives destroyed hundreds of millions of dollars of shareholder value with impunity. When your market cap is less than the cash on hand in a public company with no debt it speaks to the low regard in which investors hold your company. This once-proud company has been reduced to penny stock status.
I have established in prior posts why I believe this investment will pay off at some future date. The dividend will be either be re-introduced to prevent the conversion of the B shares into voting shares or the vote will be given to B shareholders when the shortage of cash prevents the suspended dividend payments to be made.
This sad charade is winding down to its inevitable conclusion but not before far too many shareholders have seen their investment in Torstar largely decimated.
At $.46/share there isn’t too much downside left. This doesn’t mean it can't go to zero, but the sum of the parts is a long way from zero. I would not mortgage the farm to take a position in the shares, but I believe there is far more upside than downside. I cannot determine the exact risk level and I am not promoting the shares for any other purpose than to encourage the patient to wait out the Keystone Kops and recover some of their losses.
MW