RE:RE:RE:This is Trying to flatter me again, topdown99 wanting me as the CEO. I decline your offer.
Arx's issues are like this management wants to do everything except return capital to shareholders.
1.9 billion of debt is fine, but they want to pay it down (1 billion).
725 million share they want to buy back to a 600 million share float, another (1.3 billion)
Terry's pet project Atachie (700 million)
So management will tell you this is returning capital to the share holders, i disagree. In fact buying back shares really does that benifit the shareholders, if management is doing a poor job the shares will trade down regardless of a buyback.
In fact a better arguement is this, one CEO asked a friend of mine and myself what would you perfer a share buyback or larger divided, we told them dividend, and we told him if the company is doing well and making progress then we have the choice to keep our dividend invested by buying more stock on our own.
This share buyback, allows mangement to do a poor job and keep the stock artificially inflated with their activiey in the marketplace. Company buying its own shares back.
Where would ARX be today, if it had not agressively bought back its own shares.
Management has 3 billion on their things to do list before shareholders get a meaningful return, they are just kicking the shareholder down the road.
A company like TOU that will return 3-4 dollars to share holders this year, will get a much higher evaluation than ARX, their shares will go up to 30 to 40% and they will buy ARX with their share currency at a discount.
Management strategy is the reason for ARX's poor performance. The want to invest in full cycle projects and are leaving plants already built idle. While they pursue Terry's pet projects.
IMHO