RE:RE:RE:WHY CNQ NOT ACQUIRE CR INSTEAD OF CJI believe N Murray Edwards is the same person as the CEO of CNQ. What I intensly dislike is that the management gave him a special deal not available to others,then dealt themselves in ,then structured the package in such a way that minority shareholders do not get a vote on the matter .
In this manner he gets 18% of the shares at a below market price by way of warrants and 12% interest rate on the intervening notes for the next 2 years This is just a loose summary of the transactions , but the up shot is that he s paving the way for a takeover 2 years down the line at a very low price
Investors who have lost a lot on Cardinal due to the Covid crisis are being diluted without any say and at a ridiculously low price
The situation is somewhat similar to Painted Pony in that minority shareholders and management voted for the rakeover which was passed off as debt crisis when the existing line was only 50% utilized and no where near the asset value
I further am suspicious that he has been setting up Nuvista ,as Paramount raised their stake to around 18% on OCT 1.
For now Crew seems to be safe, but Investors need to be wary as there seems to be no shark repellent available other than management's integrity or lack thereof