Picking up on your last point, at least they have a horse to flog ! And sales are growing too, up from $1.3m to $3.5m last year.
Also, the USA is a different kettle of fish again, so I wouldn't necessarily extrapolate figures from UK/Europe. Plus there are different product types and applications to consider.
That said, you are right, that they have to be mindful that they could create 20-25c of value TODAY by selling the businesses and returning the cash. So if management can't demonstrate more than 25c of value from their efforts in the next 6 months, they will have failed to add value.
I am working on the basis that the current CEO Garry Phillips is not that dumb as to hang on to his job for the sake of it, and that he sees value, quite quickly too, in the path they are taking. He is incentivised for that too, which is good.
PXS Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
