RE:RE:RE:New Nov Presentation The lack of promotion was probably just because they never had to do it before. The results spoke for themselves and they had a very stable, very loyal shareholder base that just collected the distributions.
Things have changed a bit but I think they will adapt well going forward.
BNE is so much better/consistently managed and a lot more focused than Surge and CJ have been over the years. .
Surge might have some fantastic land now but to get there ... fugly. Cheap asste sale, overpriced acquisitions, massive dilution and a huge rollback to get to where they are now. The acquisitions were deleveraging by another name because they bought debt free companies. I am impressed with the commitment, but really, better financial management would have prevented the need to do the transactions and lowered the risk of owning the stock. I have owned all three. No issues with CJ today other than relative valuation.
The only mistake I would hang on the BNE management team in the past two years was the release of Q3 results this year. The market was not prepared and it took a lot of analysts by surprise. A bit of guidance regarding well scheduling, higher royalty reference prices and one off opp costs would have gone a long way.