High Arctic Energy Services Inc T.HWO

Maguire buys 7,750 on open market

[Stonksonlyup90]

Pretty weak buy for Maguire.. he gave the impression on the Quarterly earnings call that he was salivating at the opportunity to buy more stock on the open market given that share price was $1.40+ before seller stepped in.

All he could muster up was $10k?!

[longrun86]

To be fair, the SEDI report for the May 15th transaction was only released today. His overall ownership is showing as 280k shares. I think we will know how serious he really is if we see his overall share count go up by at least 100k shares. Let's see what his buying status looks like over the next few weeks before judging the overall results of his actions. LR

[Stonksonlyup90]

One week later, he's not looking very serious... Will see what next week brings, but at this pace it doesn't seem like any insiders see a buying opportunity 

[colourama]

Looks like Lance, the now departing CFO, sold his 20k share collection today, so trending in the opposite direction. From listening to the conference call, I had doubts that we would see any big insider buying. They  seemed to highlight that the stock was undervalued and looked forward to participating in buying, but I didn't get a sense that big share purchases were upcoming. That

[longrun86]

Hi Folks, My view is that Lance may not have agreed with Mike regarding the strategy of taking the PNG business private and chose to resign. One item that is causing me a bit of grief is that the Independant Directors are nowhere to be found. At this stage in the game I believe that Management is in a "Grey Area" with respect to working for shareholders and working for their own self

[JonathanJSmith]

LR, Agreed. My biggest fear here is that if we're taken private, we'll get squeezed out over time as there will be no governance regarding the new issuance of shares, etc. Frankly, I don't trust the management, nor the BOD, to have our best interests at heart. I'll likely be voting my shares NO for privatization. As Auburn pointed out, I'd like to participate in PNGs future

[Stonksonlyup90]

Agreed, I don't think the reorg resolution is going to get approved. The smarter approach by Cyrus IMO would have been to have the company announce a Substantial Issuer Bid (SIB), at a value less than they deem fair market value. Cyrus would have then been >50% after SIB and then they could have made a move to take the whole company private.. after the fact, they could then have sold off

[auburn2]

I will be voting no for the privatization unless there's a compelling offer to buy my shares as has happened with other privatization transactions, such as Gobimin and Macro Enterprises. I'll begrudgingly accept the offer to avoid holding private shares. Selling this week was dominated by BMO retail.

[40YardLine]

I spoke to Lance at the AGM. In my opinion, the reason he decided to bow out was now that the company is more focused on PNG and that time spent over there was going to increase, it is not exactly what he singed up for.  With my .005% of the company, I will be voting yes as long as the proposal looks good because I think the board is right and this is the best way to get value out of this

[Stonksonlyup90]

0.005% - so you hold 2,500 shares? Why bother? How does going private 'unlock value'? In my mind that's the complete opposite.. if you sold the company, sure. But if all you're doing is taking the company private then liquidity dries up and there is no way you 'unlock value' and sell at a higher price. I'll need to see more details. But currently I'm firmly in

[40YardLine]

48700000 X 0.005 = 243500 do some math bro lol 

[auburn2]

If you have that many shares, which is similar to me, then you have 0.5%. I am voting against any privatization if there's not a concurrent offer to buy my shares at a reasonable premium.

[40YardLine]

Ya so I guess I need to go do some math lol  

[impega]

I can't imagine a scenerio where shareholders are left with ownership in a private company with no means to liquidate their holdings. I understand the intent is to break out the PNG holdings to get a better valuation but there is no point if you are unable to sell. Interested to see how they structure this and will vote no along with Auburn if there is no concurrent offer to buy my shares (at

[auburn2]

Seems almost certain there will be a cash offer. Here's another situation: https://www.exfo.com/en/corporate/news-events/press-releases/exfo-going-private-transaction-by-founder-germain-lamonde/

[Possibleidiot01]

The whole situation is as clear as mud ; depends on how you view mud - as building material or as in no way do i want to drink that! Seems to me Exfo is not  a direct comparable as Mr. Lamonde founded the firm ( Cyrus bought in a reorg) and Exfo also had other significant shareholders . "The Purchaser and EXFO have also entered into support and voting agreements (the "Support

[JonathanJSmith]

Maybe, whoever's selling can push the stock down to $0.10. So that when we get offered $0.20 it'll be a 100% premium to current prices... lol. If an offer is forthcoming, it'll be interesting to see how "opportunistic" they really are; furthermore, if an offer does come, it's a disgrace that they're making us wait until the end of September. Why not just do it now

[AVALONSHARK]

Net cash + Team Snubbing ownership + Note receivable = $ 1.10/share Who ever is selling at $1.20 values the entire PNG business + Tiny Canadian rental business + Tax losses at $4 millionish !! There has to be something about the story that we are all missing out, no other way to describe this. This is in the realm of conspiracy theories now lol 1. Maybe Papua LNG is not able to find financing

[blackwolf25]

Or maybe they simply see opportunity elsewhere.

[colourama]

I agree - as they say often the simplest explanation is the correct explanation - no need for conspiracy theories or a "hidden truth". That being said, as avalonshark commented, assigning in effect $4 million for a PNG operation that has a run rate of about $50-60 million revenue, and generates positive cash flow and funds flow from operations, plus the potential of additional

[longrun86]

What is strange to me though with Lance is the liquidation of his shares, even if nominal. It's not that material of an amount of money for him so I took it that he was making a point by selling his shares. Just my two cents. LR

[DudeRancher1953]

Leaving a position is an emotional time and I think it is quite comon for departing people to sell their shares to make a clean parting with the past. 

[colourama]

It's not much, but Maguire picked up another 5k shares at $1.30 according to latest SEDI filings out this evening. Let's hope more insider buying continues.