Post by
SargeX on Sep 05, 2023 7:21pm
holy f*ck
I must say that this one ranks right up there in the biggest bonehead moves of all time. I put it on my list at #4 behind #1 ALA buying WGL, #2 AQN trying to buy KPC, and #3 IPL deciding to build Heartland on their own without a partner,
In every one of those cases, management said the identical thing that this was going to support future dividend growth and in every single case, they ended up cutting their divy - ALA by 56%, AQN by 40% (even though the deal fell through), and IPL by 72%.
To top all of this off, issuing a pile of shares at a price >7% below today's close is plain and simple, totally brain dead. You can add this total BTO (Big Time Operator) CEO to the list of incoming CEOs that have totally messed up a company. They all seem to want to make their mark and grow the company at any cost regardless of what it actually means fror shareholers.
I rarely get angry these days (being a mellow retiree and all) but this twit has got me going. The $44.70 issue price is $2.70 below our average purchase price of $47.40 but we've collected a total of $9 of dividend income per share so we'd basically be making a net profit of $6.30 per share.
Feels like a 1700 trim coming early tomorow morning or early next week. (we're leaving town at 8:30 Mountain Time tomorrow and won't have any internet until Sunday so we'll see when we can get it done)
Momma mia!!
Sarge