Tidewater Midstream and Infrastructure Ltd T.TWM

Lots of questions, no answers

[templetooth2]

Sooo, over the weekend, Colcleugh and CFO Brian Newmarch are gone, as well as Director Simon Bregazzi from Renewables. No thank yous-for-your-service, nothing. No best wishes in your future endeavours. On the website, Interim CFO Aaron Ames is listed as "intierm" CFO. This appointment was so hasty there wasn't time for spellcheck.

For me, personally, the most disappointing thing was the resignation of Simon Bregazzi from the Board of Renewables. Again, no thanks for your contributions. But then, the announcement that a search for a replacement board member would commence. Why would you bother if Renewables was going to be absorbed into the parent in mere weeks or months?

Somrthing is rotten in the state of Denmark.

[nkbourbaki]

Agreed.  This was hasty and the lack of even perfunctory "thanks" makes me think it didn't come from a good place. Smells like a walk-out or firing on bad terms followed by Birch Hill looking in the closet for someone to step into the CEO role at the last minute.  Bregazzi only joined the TWR in August, and Rob only became "non-interim" CEO in November. 

[Ogopogo26]

Agreed, a departure of a CFO without explanation is bad but CEO who was just recently confirmed and seemed to be behind the current strategy at the same time smells of something bad ... shell shocked is probably how I would best describe my feelings about this announcement!

[pierrelebel]

"a departure of a CFO without explanation is bad but CEO who was just recently confirmed and seemed to be behind the current strategy at the same time smells of something bad ." Speculation: could the termination of employment be related to the sale of over 12,000,000 shares of Altagas two weeks ago at a discount of about $1 a share to market?

[NewOpportunist]

Possible but pretty unlikely; a 4% discount to market is normal with a bloc sale; Rob Colcleugh was an investment banker, he knew what he was doing and still got about a $1 more in ALA share price compared to when the deal was announced. In the end, Birchhill wanted an operator instead of an investment banker. Having said that, to me this reflects poorly on Birchhill. Poorly communicated and

[stopedout]

"Smells of something bad". I agree. Luckily I only had 30000 shares, so easy to pull the plug and wait for the smoke to clear. I thought that with the sale of the ALA holding and the improving balance sheet, we might finaly be on our way to a higher valuation but something is wrong. I will wait to see the next quarterly results.

[goodbuddy]

Q3 net income per share was minus 13 cents, year end project t could be minus 0.18 cent. Works out to be a $70 million dollar loss. Not likely to increase share price.

[NewOpportunist]

Short seller, trying to create fear? Nobody cares about net income when analyzing a company or stock like this.

[NewOpportunist]

Agreed, I am out as well, too much hair on this one, too much drama. March 14 results are likely to be bad, lower guidance for 2024, I would think. I'll hold on to my LCFS shares, operational issues seem solvable and investment case is easier for that part of the business.