Post by
malx1 on Apr 30, 2024 12:49pm
Plenty of funny stuff going on at WFC - Big hat, no cattle
$683mm debt.
$175mm inventory for sale.
$340mm debt due in less than 1yr.
Yet these wizards pay a $97mm dividend just as mortgage costs triple.
Let me repeat that: MORTGAGE COSTS TRIPLE
From MD&A:
"The Company is exposed to interest rate and credit risks associated with its financial assets and liabilities.
Management continually performs risk assessments to ensure that all significant risks related to the
Company’s operations have been reviewed and assessed to reflect changes in market conditions and the Company’s operating activities"
Is that true? Cause if it were, they would NOT have paid $97mm dividend.
Insiders seem to be dipping into WFC piggy bank to extract cash, used to fund ventures outside of WFC.
No wonder nobody likes this company.
No wonder it trades at steep discount to NAV.
White collar idiocy or white collar ignorance? Maybe both.
How's that BC RE market doing?
Yikes.
Comment by
wynner on Apr 30, 2024 6:44pm
Mal. I am so glad you finaly read the MD&A. Por favor tell me how much the insiders got paid and how many stock options they got. I can't find the information anywhere. Wink. How can they possibly have less shares and no wages? Why didn't they pay themselves a hundred million dollars?
Comment by
wynner on Apr 30, 2024 6:46pm
They sold 15 of 48 townhouses this month BTW. Could be worth $25 million. $20 million minimum.
Comment by
wynner on May 11, 2024 3:32pm
They sold another 23 of those townhouses. Only 10 left now. What's that now $50 million to cash flow?
Comment by
wynner on May 16, 2024 6:01pm
I think both of us will be buying if it was $11. Not going to happen though.
Comment by
wynner on May 01, 2024 3:03pm
malx. "$340mm debt due in less than 1yr." Ahem. They paid back $100,000,000 last month. It had 2% interest rate. THAT is quite funny though.
Comment by
malx1 on May 01, 2024 5:46pm
If you read the MD&A, you'd know too.