thoughts:1) you only issue a letter like this pre-meeting if you...

thoughts:
1) you only issue a letter like this pre-meeting if you are running scared. shows STAM campaign is having an effect and early vote numbers prob good for the activists
2) they are purposefully kicking the can on capital returns, to be considered only mid year and in context of 1H operating performance. this sets the scene for them to artfully not give anything back - again - if 1H operating performance comes in sub par (obviously more likely now given the 1Q report, lowered guidance, and now tone of this letter)
3) letter totally ignores the main thrust of STAM's critique - that cost of capital is nowhere near management's consciousness when it comes to deals. he speaks about the acquisitions and building of a diversified production platform, totally irrespective of cost of capital and any sense of what would be truly accretive.

this is a joke, frankly. these guys should be turfed out, let some professionals in to run the show. they are basically spitting in the face of any shareholder who has the temerity to push back against their horrendous capital allocation.

if you vote for this management team after being treated like this, i am afraid to say you deserve to be rug pulled. i am buying a few more shares.