I'm a big fan of cashflow and share price as key performance measures. When it comes to CYL management team performance, it's not yet clear to me whether they are motivated to:
1. Use profits to pay down debt over time and clear liabilities carried over from Superior and Vango capture and operational consolidation, strengthening the value proposition of CYL in the market and growing value for shareholders; or
2. Spend profits and current cash holdings requiring the conduct of further capital raises with parties friendly to the management team, extending debt obligations but, in the process, attaining management bonuses for raising capital.
I am not clear on the CYL management team's motivations, either separately or collectively. Obligations to act in the best interests of shareholders are interpreted in a wide variety of ways with little transparency and almost no consequences.
A simplistic view, I'm sure, but I'll continue to watch cashflow and share price here with VERY cautious optimism given management team performance to date.
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