Spyglass Resources Corp SGLRF

Penny stock

[sanityseeker]

Ah, got it. Missed the joke their. Well, penny stock or not, it has been  an I ncompetent mgmt team that isn't working for anyone but themselves. As I've stated before, the only good thing about this stock is that it is cheap, which is a discredit to the management.  These guys are expert in exceeding guidance in the production of disappointment. Non-core asset sales are supposed to deleverage the balance sheet but given that they have only reduce the underlying assets and production with a corresponding increase to debt, they do the opposite. 

I bought sgl as a turn around story but that only generally works where there is a decent mgmt that actually makes an honest attempt  to turn things around. Instead, we are being bribed with a dividend paid out of our own capital, so they can buy time to look after their own interests.

i am happy to report that I have unloaded most of my position and can now quit caring. Perhaps the those who  stay in will come out ahead, but that will be a result of lucky speculation. Mild tail winds aren't even enough to give management the advantage they need. My pride won't let me accept this managements bullshit any more, or fund their bonuses and salaries of there excess head count, with my share of the equity.
I hope luck and external market conditions are on your side in spite of the fact that I won't be there to participate in the upside.

focker out.

[Joe454]

This post has been removed in accordance with Community Policy

[Joe454]

This post has been removed in accordance with Community Policy

[darkstream]

already puked ready to heave

[cender]

"Non-core asset sales are supposed to deleverage the balance sheet but given that they have only reduce the underlying assets and production with a corresponding increase to debt, they do the opposite. "  Perhaps they have tried to sell some significant assets (red earth, pembina ? ) but are just not getting any  respectable bids -understandable with the glut of companies

[sanityseeker]

I'm fine with them being selective in their sales transactions, but when they have made sales, the proceeds haven't been put into the ground, and they only have increased debt to show for it. So effectively the asset sale is accompanied by fewer assets and more debt, and they become more rather than less leveraged balance sheet. There is no disciplined attempt at getting their financial