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Vitreous Glass Inc V.VCI

Alternate Symbol(s):  VCIGF

Vitreous Glass Inc. is a Canada-based company, which is engaged in recycling glass. The Company cleans, crushes and sells waste glass to the fiberglass manufacturing industry in the province of Alberta. The Company creates GlasSand cullet for use in fiberglass insulation manufacturing. It operates a waste glass processing plant at Airdrie, Alberta. The plant gathers post-consumer waste glass from Alberta and elsewhere in western Canada, crushes it, removes contaminants, and sells the final product to three manufacturers of fiberglass building insulation for use as a raw material in their production facilities in Alberta. All production from the Company’s Alberta glass plant is sold to two large customers and one smaller one in the fiberglass insulation manufacturing industry in Alberta, which is heavily dependent on the level of housing starts in Western Canada and the Northwest United States. It ships products to its customers based on the customer’s day-to-day consumption estimates.


TSXV:VCI - Post by User

Comment by greyswanon Apr 01, 2022 10:33pm
449 Views
Post# 34569396

RE:Shareholder oppression?

RE:Shareholder oppression? Yeah, I don't think "shareholder oppression" captures whats going on here. As mentioned previously, Pat Cashion collects the vast majority of his compensation through dividends, given that he owns so many shares of VCI. Not sure how much more "skin in the game" one can have. 

Since 2008 (when I first found it, but failed to invest in it), VCI has paid out approximately $27 MM in dividends - from a company that has (today) a market cap of ~ $32 MM. In 2021, the company achieved (after tax) ROC and ROE of 66% and 81% respectively. 

Even if one were to have invested "late in the game" as I did (in 2016), one would have paid somewhere between $3.00 - $4.00 per share, and today would be sitting on shares worth $5.00, and aggregate dividends of approximately $2.00. Not earth shatttering, but keep in mind that this company will keep paying...and paying...and paying, for the foreseeable future. 

If this is shareholder oppression, then please, oppress me......




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