RE:Why ? Sold ?
Eric Nuttall has been very clear in his message to CEOs:
"Time to get serious and get more aggressive NOW! 75% is the minimum industry standard going forward."
That was the plan with WCP - pay down the debt (debt free in 2023), increase the dividend substantially and buy back shares.
However, a few weeks ago WCP decided to change track, borrow over one billion dollars (repayable in four years) and make a deal with Exxon and Imperial Oil
While the acquisition may prove to be a good deal on the long term for WCP and its shareholders, it clearly does not fit Eric's current crusade: pay shareholders NOW.