Post by
westcanpride on Dec 15, 2020 9:51pm
CGX Share Structure
I found this interesting:
https://www.marketscreener.com/quote/stock/CGX-ENERGY-INC-13611894/company/
Neat to see who owns CGX Energy. Couple quick observations:
1) Frontera does not appear to have sold 1 share over the past 1 year (based on the website share count and what Frontera has publically available on there website/press releases).
2) Japan Drilling: Currently have 14,626,264 shares. As of Oct 31, 2018, they had 14,752,764 shares (so in just over 2 years, they have only sold 126,500 shares... so in essence, almost nothing).
* These two (Frontera, Japan Drilling) own 77.77% of CGX Stock! Crazy.
3) After Frontera and Japan Drilling, the next largest publically disclosed shareholder (FYN Capital) only has 315,719 shares. Kind of shocked its less than 1 million shares. I am sure some of the folks on this board have more shares than this!
4) Suresh N and Tralisa M only have a combined share count of 390,718. To me, this is a complete and utter joke. As per a post I made a couple months ago, these two make such great salaries, no wonder they have not put almost any of there own cash on open market share purchases. Such a joke on so many levels. Great examples of senior management milking the company dry from a salary perspective but not investing any of that money back into the company. Instead, they just wait for free shares to be given to them and instead look for yearly warrants (which of course they will cash in if the share price ever rises).... looks like the rest of the overpaid senior CGX management is also employing the same strategy. Pretty sickening.
* Again, I am sure many on this board have more shares combined than these two!
5) Given 77% of the shares are owned by two companies, makes one wonder how the share price is kept at such a tight level these days. Must be a couple of brokerage houses that are being 'asked' to always sell shares and keep a tight lid on share price.
As an aside, looking back to January when Apache announced there Maka-1 discovery, there share price jumped close to $7 (or about $2.5B USD) in one day (biggest ever). They also have 377M oustanding shares and are not as tightly held as CGX. Imagine if CGX could ever find someone to help drill a couple wells (even at a 10-15% WI) and a big discovery was made. Even a $1B USD/$1.3B CAD valuation for CGX would see the share price jump well above $5... and given such a tight float of shares, I could easily see a $10 share price jump. Again, everything I have said the past couple weeks regarding finding money still holds. But with that, man, if Frontera could ever find someone to join along (and god forbid drill some wells), the value of there CGX shares would easily surpase there own Frontera share value (even if CGX WI were dropped to 10-15%). Let's pray De Alba makes something happen... he really is our only hope! Its clear Suresh N and Tralisa M, and there rest of CGX management, have absolutely no desire to take any risks with CGX stock other than collecting cushy salaries.
Comment by
waitingstill on Dec 16, 2020 12:03am
WCP - strangely I can not disagree with anything in your post. :) And great link. Thanks.
Comment by
AnMar on Dec 16, 2020 1:15am
It makes more financial sense for Suresh to just milk the company for his salary then to actually push this to an end. That is why nothing is happening and nothing will as long as SN has a say in matters.
Comment by
YancyDerringer on Dec 16, 2020 12:08pm
Mannyman99 your nuts! It never ever hit $13+!:)YD
Comment by
Windyhill on Dec 16, 2020 8:15am
Westcanpride, Thanks for your thoughts and sharing the link. WindyHill GLTA
Comment by
soulfire on Dec 16, 2020 9:50am
Well done WCP. Keep it up
Comment by
YancyDerringer on Dec 16, 2020 12:06pm
WCP your right! I have said in the past that it could go to $10 -15 as well and possible buyout out at $17-20.:)YD