Response to Mr. Olive.Dear Mr. Olive,
I trust that you are well.
I have enjoyed reading your columns over the last many years.
Regarding your article referred to above, I am not sure if you were as neutral as possible.
You mentioned that, "Torstar shares traded this week at about 74 cents, meaning the market does not expect a higher bid." In fact, there were several times when the shares traded at 75 cents as displayed via the yahoo finance website and others.
I have held Torstar shares for about the last five years. I have cheered every attempt to make the company better. A lot of good things have been done. Surely you can understand that it would not feel nice to wait around for five years only to be given the boot just when the transformation efforts can take hold.
Why is it that some parties get my shares when I don't want to sell them? Why can't I have a tiny stake in Torstar via Nordstar?
Let's speak in the simplest of terms. The buyers of Torstar are shrewd business people. They see a chance to make some money by buying Torstar outright. I am not so shrewd. My commitment to Torstar has to do with a very strong affection for Torstar. But let's set that aside.
The buyers of Torstar see a chance to make some money by buying Torstar outright. How is it that they get a chance to make some money and I do not? It is not fair that they get a chance to make some money, and I do not.
I wonder what the new owners plan to do with Torstar as a private business that Torstar cannot do as a publicly traded company? It must be something magical that can only happen in the hands of two private owners.
I will say it again. Torstar is being privatized because it can, will, and does make money.
The problem is that smaller shareholders, through a variety of strategies, are effectively having their shares extracted from them. And that feels bad.
The group you have described as "noisy" and "angry" became so after unfair treatment. I suppose that abused Torstar shareholders do not merit protection under the Atkinson Principles.
How peculiar that there was never any openly disclosed actual business valuation of Torstar. Opinions were offered, yes. Valuations no. How odd.
How peculiar that there is a very real chance that Google will soon start paying news providers
for content; just when Torstar gets privatized.
When all is said and done, an injustice will have been transacted with the full protection of the legal system. When all is said and done, life will go on and maybe the wrongdoers will feel badly, or maybe they won't. Perhaps feelings are of no consequence in the business world?
For my part, it will be good to have the remaining portion of my greatly diminished original investment to invest elsewhere. I will take some comfort in avoiding all Torstar publications and events.
Regards,
DD