RE:RE:RE:Who is the most famous Corporate RaiderI agree that Puerto Bahia may be the crown jewel of the Frontera assets. There is no other modern deep water port that can accomodate 2 Super Ships at the same time and soon to be connected to a refinery for sale in the world. China is currently financing building a large container ship port in Peru for $3B+ US. There are no current plans for it to also be able handle crude or liquids, let alone be connected to a refinery. Plus, with the recent refinancing moving the port debt to the ODL pipeline debt, Puerto Bahia has no debt
For me, with Frontera owning 99.9% of such a strategic port, it has turned my riskiest investment into what I now consider my safest investment. If everything else is worth $0, the port surely will bring more than the $1B+ cost to build, almost double the current market cap.
Shifting from paying substantial dividends to share buy backs about 5 or 6 years ago, allowed Catalyst to substantial increase their % of ownership. Then the $60mm Dutch auction allowed Catalyst and Gramergy, who have worked together on other deals to control over 50% of the stock. It did little to support the stock price.
A few days back, BMO tried buying a large block of FEC right at 15:59. Somehow, the share price closed .09 to .14 lower than the price 2 minutes prior?
I think the parent company, Frontera Colombia could be the last piece standing, so the buybacks should benefit them. So, far the share buy backs have only benefited the 2 Vulture Capitalist or should we be calling them Corporate Raiders? As the share buy backs seem to have no effect on the day to day share price.