RE:What a joke I'm glad to see that the company finally put out an update. It is what it is and it's time to move on. I'll be looking to sell my shares if the bids are high enough (anything at 30.5 cents or higher). I know that leaves 5% on the table but that's a lot of time to sit on the sidelines while we wait for the cash from the deal to settle into our accounts (that could be weeks or even months away).
The press release put a final nail in the coffin on this management team. They had a Bentley in the SaaS business, and it is now crystal clear that they drove it straight into a brick wall in broad daylight due to the strategic choices they made and in particular related to the failed acquisitions. It's a classic case of incompetent management and a complicit board. Let's remember that the board could have sold at 0.39 cents (the offer was on the table) but they dragged their feet thus costing investors dearly. I am beyond perplexed that management gets to remain with the company and that they are getting a free do over gift considering that Beedie is essentially cleaning up the big crater of a mess SA and his team created and letting them start over again with just the SaaS business. Oh and let's not forget that management gets to keep their shares to benefit from that upside while all other investors are forced out.
Perhaps one day Rotman School of Management will create a case study about THNK and talk about how the management team must have slept through all their MBA classes given they essentially did the opposite of how a strong leadership team should conduct themselves and makes decisions. It’s an embarrassing situation when a former student like SA touts his Rotman MBA credentials but doesn’t heed its lessons. Perhaps Rotman will one day consider rescinding those credentials.
One final rant on THNK before I move on from this board and onto my next investment (most recent for me is Sharecare ticker SHCR in case anyone is interested). The trading action today suggests that this evenings press release and/or its contents were leaked well ahead of the release. I know that happens a lot particularly with small caps but hopefully one day the OSC will pay closer attention to these situations and take action to dissuade the unfair practice.