RE:RE:RE:RE:RE:RE:Will hit 50 cents within the next 30 days Bullfrog has been sold a number of times (most recently to Spark - what was that - in 2018 or so). it was at that time, about 4 times EBITDA with a VTB of everything but 2 million. My guess is that the EBITDA is worth more to BMO, and no one will pay a large multiple without a significant earn out (which the bank won't accept).
Spark in the right space with huge tailwinds - think you are giving this too much credit. It is an electrical contractor - period. There is nothing they are doing that couldn't be done by any other electrical contractor of a decent size - I could probably name at least 10 in Canada, and a multiple of that in the US. This is a roll up of a number of contractors (both union and non-union) in a variety of different businesses. There is no real specialization that another contractor couldnt replace if they wanted to bid a nickel cheaper.
I agree on the leases - especially head office. It sounds like a Taj Mahal that they should try to escape.
As for the debt repayments - this is due to their acquisition spree. Not sure there is someone willing to replace their debt with equity in any form. The rights offering at $1.20 is a last ditch effort to add equity at a significant discount to FMV. The reason for that - their attempt to sell the Company to outsiders failed to raise a bid significantly above the amount of the debt on the books. (Speculation, but very likely the case).
I have no ill will towards Spark or their investors. And again - no investment long or short. I just want to make sure those investing in the stock are as informed as possible. If they turn it around, this could be a multiple of your investment. But there is a significant risk of zero.