I am a large shareholder in WGO and larger than most of you (I know, because my combined holding puts me in top 20). I don't hold any shares in STX. But I do read STX posts as much as I read WGO posts (like most of you probably) and I must say that Adaltiora's most recent post (see link below) is right on the money:
The lack of value creation and vision by our Board has been desultory. And while I acknowledge Tooter's points re SE not being drilled yet, Haber being unproven, etc, the value accretion by STX vs WGO is noteworthy. The lack of WGO value creation since the last raising is pathetic, especially when I comp it against STX. And why raise $50m today if you believe there are material announcements shortly? Why not raise a smaller amount, get the announcements out there and then raise more at a higher price? Just another demonstration of poor WGO Board performance IMO
And for those of you who say we needed to raise today, I don't think anybody expected us to need to raise $50m!! If the Board chose to raise $25-30m, I don't think anybody would have perceived the company as cum issue! We could have raised $30m today, got the share price up and gone again for the remaining $20m. Petra would have been driving for a $50m raising of course and obviously our Board did not have the smarts to see through this
Tooter, I don't know whether you are based in Scotland (as some surmise) or Antartica and to be honest, I don't really care. But your constant defence of the Board and its actions flies in the face of runs on the board: performance. The performance of our Board, to date, has been desultory.
WGO Price at posting:
24.5¢ Sentiment: None Disclosure: Held
