RE:KOGNITIVAt least Mittleman should be able to explain this business to his shareholders, versus whatever is going on behind Kog. That would be an improvement.
Malpeque2 wrote: Looks like a real money Pit. It's kinda hard to lose that much Operating loss margin and EBITDA margin.
I agree the Mittleman's are overpaid. Look to be underperforming.
If they want a very reasonable priced free cash flowing company to buy a large minority stake in, I think Africa Oil looks pretty good. They can upstream the divies and shelter them from taxes.
Africa Oil has no control shareholder. 1 shareholder with one BOD seat holds about 15%.
Plus Africa Oil has a few other assets besides the Nigeria Offshore non-operated assets that add some optionality to the company.
They are trading about 2X EV/EBITDA with low opex and low cap-ex and less than zero net debt.
Maybe 5-7 year reserve life on the existing production.