RE:Glass Lewis Advisory - Rcmndtions re Watsa & PayRe Glass Lewis voing recommendations - if anyone has access to their full report, please post.
It appears they are recommending shareholders WITHHOLD re Prem Watsa and WITHOLD on Say on Pay Advosory Vote.
I have not delved into the minute details of Chen's compensation package yet, but the Rediit rally may be Chen's good fortune, and will lead to sharehollder dilution. However, BB's equity value is way up, and if it was up exclusively due to fundamantals, Glass Lewis may have had modified their comments somewhat. I guess Glass Lewis feels the Equity value rally fulled by Reddit is not sustainable.
While on this topic, I must also comment on Yasch's recent posts re Mr Activist Investor - referring to the press releases about 11 months ago from Dorsey Gardner.
Yash, you are generally balanced in your posts, but the other views out there suggesting perhaps BB could have raised the financing more cheaply or with a higher conversion price were not mentioned by you. As I recall, the PRs indicated Gardner owned 5m shares, which is clearly enough to be concerned about the effect on dilution. Is there any evidence at all that Gardner was behind a low ball bid for control of BB? If he owns 5m shares, why would he want to see a low ball bid?
You may be right about PW being in a position to thwart a low ball bid (which could have been done without the debentures), but it may be that Gardner was concerned PW is also in position to thwart better bids that might eventually surface.
Last, you state that Gardner was using the CV 19 price drop as chance for a low ball bid. Well, did PW not do the same by renewing the debentures as the market price was still recovering?
What is the cost to shareholders of the US $6 convertible debenture?