RE:RE:RE:RE:RE:Last Conference Call Transcript
Yasch, Yasch, Yasch, aren't you taking my words out of their context:
..."You're saying basically that PEY has raised that debt mainly as an unsustainable means of paying the hungry dividend-seekers."
What I said is:
The argument of dry powder is a smoke screen simply because it does not make any sense and it is absolutely in opposition with their logic applied to their dividends policy.
In other words using your words:
***..."You're saying basically that PEY has raised that debt because they were unconcerned about keeping dry powder when paying the hungry dividend-seekers."
Do you see the distinction here? The argument from the beginning is focused on keeping dry powder. Sure part of the borrowing went for capex and create value for shareholders, but this is not the point. The point here is they kept paying dividends $10m over what the operation could afford quarter after quarter for most of 15 years without using the "dry powder argument".
They are using it today as a reason to stay on the sideline with the NCIB.
This is what I call lack if consistency.