Directors should just sell up all shares etc, distribute cash to SHs and close down the company. It's been one-way traffic (down) for a long time. However directors would lose their gravy train of fees and performance fees the latter based on merely being a director. Not a bad gig.
Since I've been watching this stock there has been 2 changes of direction chasing the next best thing (how good was Canadian Cannabis...not) and 2 changes of name. But the SP has just fallen as poor investment decisions show the incompetence of director and management. I think a monkey with darts could have done better at a considerably lower cost.
Existing investment managers have done little to change the status quo. With NTA around 10c I thought they were a reasonable buy at 6c but now the SP is 4.6c.
You have to laugh at 2 brave investors buying up 24% of issued shares in various chunks over the past year and sold out completely over a short period licking their wounds. Maybe they were shorters trying to cash in on the SP slump. I think that sums up confidence in this company. What did they discover? Yet another punter thought they were a great investment buying up 9.9% of shares in March 2023 trying to catch the falling sword.
HGV's largest shareholding is in Weedme. a Canadian weed business that is on the books at cost price I think. Not sure it has been revalued either up or down and they sunk another $1m ino the business recently. With 45% of HGVs investments in Weedme any reasonable NTA is contingent on it being a success. I think the plan was to do a pump and dump (IPL) but this has not occurred. IMO it looks like the true value of Weedme is much lower than investment cost. The mere fact the IPO hasn't happened suggests things are not going well.
It's now 27/6/23 and directors were going to appoint new investment manager (Curtis was a waste of fresh air) by 30/6/23. Looks like no one is lining up to take the gig. Directors Wall and Halley said they would abandon ship once this happened. And good riddance. Thankfully all their generous performance fees via options have not been forthcoming. Why? Because of non performance.
I can't wait for the next installment but I'm confident Wall and Halley will continue to paint lipstick on the pig. It should be soon as time is running out.
HGV Price at posting:
4.2¢ Sentiment: None Disclosure: Not Held
