RE:Wayne Albo ResignationThis is a bit old school, but, I consider the primary role of the board is to enhance shareholder value. Yep, share price.
On this measure, Mr. Albo and the board get low medium grades (being generous)
There are many shareholder friendly levers that they could have deployed.
All relate to giving the shareholder a tangible return.
This would link the actual results of the company to the market price.
One could be the NCIB being used regularly, especially in times of market down drafts. The retirement of shares below book enhances book per share. it is a win, win.
Some return of cap. via a dividend, either regular or special opens up a whole new shareholder base.
Frank is obviously not a market guy. And that's ok, but, he should want the share price to reflect what has been built. The company can only grow organically, they cannot grow via acquisition, the currency of the share price is too cheap.
That is were the board can step up and provide guidance.
The board is made of of Frank, and Mike, both management. His lawyer, (who I think is very good) but bills the co, so is in a bit of a conflict.
And lastly, a local trucking business owner who has no share ownership.
They all appear to want to make Frank happy, and Frank likes cash in the bank.
Let's hope Gate City flexes a touch and places a few folks that understand the cycles of the business as well the cycles of the market prices.
We all own enough shares, time for them to catch up with the market.