Hulskof schreef op 23 januari 2023 19:19:
BikeRieder op Twitter:
$ARWR After rereading Discord posts and rethinking my impulse, I will vote yes for Proxi goal no. 3. Why? Mgmt had multiple reasons/possibilities in history, to sell shares! They never did despite much less cash in hand. You want to get big, think big. Let's give them the tools.
Holdens reactie:
Bike Rieder: I don't do Twitter so I don't read 99% of the horseshit put out there on it so I am just cuting and pasting from your post here on the holden channel. "Mgmt had multiple reasons/possibilities in history, to sell shares! They never did despite much less cash in hand. You want to get big, think big. Let's give them the tools". This is a bit confusing. Are you talking about management selling personal shares? Or are you talking about management taking the opportunity to execute and institutional offering? If you are talking about management selling personal shares, I simply suggest you do your homework. Starting, but not ending, with CFO, Myszkowski, they have sold more stock than I have wall space to cover with Form4s. Some of them sold to cover the tax liability associated with share grants. I'm fine with that but certainly not all.
I have a rule of thumb. If an executive (high enough to require a Form4 filing) sells stock, then the don't get grants for three years following the sale. Don't grant so much stock that a grant would warrant a sale that the cash compensation wouldn't cover. THAT is how you align management with shareholder interests. How so? If an executive wants/needs to sell stock then they shouldn't be "burdened" with that need in the future. Joe Plumeri, the legendary former Citi and Willis Group executive said, ~"Members of my management team should buy our stock and own our stock, not sell our stock." If they sell our stock then they are telling the world that there are things more valuable to them than the company they are managing on your behalf. So why should YOU continue to own the stock when I and my team doesn't?" Plumeri specifically included language in his bonus check awards that said the bonus should help cover taxes and additional purchases of stock." SOOOOO that's all a LONG way to say that management has certainly taken every opportunity to sell shares as needed/wanted.
The other half of the statement I am confused about is quite simple. They did a $250Mn offering at $58 with Goldman and another $250Mn at $33ish with the Jefferies ATM deal. I agree with both of those sales. But don't say they didn't sell stock when the factually correct statement is that THEY DID. The there's the LPa sale $240Mn as well as the other roughly $250Mn of relatively recent MS payments. Also what happened to the $340Mn AAT MS payment? A few other bits and pieces add up to $1.5Bn of cash. As I wrote the above Wffoster wrote: "This mistrust of management probably has something to do with stock performance." F-ING RIGHT IT IS!!!!!! Shareholders just gave them $1.5Bn and now they are asking us to authorize a doubling of the share count when we have no F-ing idea how they will execute with the $1.5Bn we just gave them? I have news for all you people who own this stock. ITS OUR F-ING MONEY!!!!!! If you don't know that you shouldn't own one share of any stock on planet Earth. I wanna see what they do with the cash we just gave them before I say, "Go ahead Chris...spend another $4Bn (because that what doubling the share count will do) on whatever, BEFORE we know what you are going to spend it on." Not in my F-ING world. Show us LUNG is working. Show us that APOC3 and ANG3 are headed for commercialization. I saw slides 11 and 14 at JPM. That's slides. I want to see results...or at least a bread crumb path leading out of the woods. THEN I'll authorize you to go out and spend more of MY MONEY!!!
Ik mis Tom in deze discussie. Zou graag zijn visie horen.