To be honest I really hope WGX don't put an offer in for GCY. There is a time to expand and a time to batten down the hatch's. For me WGX should remain in batten down the hatch's mode. A thirty million cash drawdown over the last quarter was quite frankly disturbing to see. Unfortunately, WGX has a shocking history of not delivering on its promises. The market is still showing its unsure whether WB can regain hold of costs and generate real cash.
WB and team need to show over the next 2 quarters that their reset plan is working. They need to forget about buying anything right now and concentrate on becoming a profitable business with what they already have!
WGX Price at posting:
89.0¢ Sentiment: Buy Disclosure: Held
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