RE:RE:state of affairsGrowthnvalue wrote: I've lost hope in Mithaq and don't have any confidence in them saving Aimia shareholders. What they've done with PLCE is baffling. I suspect that they tripped the debt convenants by accident when they increased their stake so rapidly in the stock. They could have walked away with a massive gain, assuming they weren't restricted for some odd reason early on. Instead they now have close to $300 million in the company via equity at a cost of about nearly 3x the current price and unfavorable (to Mithaq) loans. So many great values available in public markets, and they went after a dying/cash burning retailer of low cost children's clothing with zero moat around its business. At this juncture, the private placement investors might be the lesser evil. They're not responsible for this debacle, and there's a better chance of a competent new CEO emerging from their ranks compared to Mithaq. However, it's concerning that Q1 earnings are next week and there's still no announcement regarding an AGM. What's going on here?
I agree. I don't at all see Mithaq as a "white knight". Rather it seems they've stumbled into a couple pretty big messes.
I'm not too concerned about the AGM. Deadline is end of June and it's not like they can avoid it. I'm sure they're very aware of their precarious position and I assume they'll try to find some common ground with Mithaq after Q1 numbers are out. Last year they did it on short notice to catch Mithaq off-guard. That type of trick isn't going to work twice.