new here, I like the Business, I don't like the governanceGreat Business and I'm expecting it to do better for at the least the next 3 years. BUT, I'm still hesitating to put my money in it. The company is completely controlled by the multiple voting sharelhoders (I guess 2 or 3 individuals) and they are running it like a Banana republic. Who can explain why the company spends 47 Millions to buy a small portion of controlling shares and spend only 640K a quarter on dividends.
The 47 Millions is about around 3Millions shares, ie, spending 47Millions will save the company 60K a quarter of dividends. I think the company has a good cash flow pipeline, but it should be used first for development, second to give back to all shareholders then buy shares from a specific controlling interest. If the Board think it's a good idea to invest extra cash to buy back shares, they can just run a SIB.