I think most would agree that the company is cheap here, but there are no nett new buyers. The issue has become, is this a value trap and how are shareholders going to benefit from the significant amount of cash and attractive assets.
Usually, the path is dividends or the expectation of future returns perhaps via a buyback or takeover. Currently those avenues have not been opened by management, who are running the company for the benefit and needs of the largest shareholder, rather than all shareholders.
To be clear, I wish to remain a shareholder for the foreseeable future [ 2 yrs +] but I would like a statement of how we will be rewarded. I don't think it sensible to build Rentails in this cost environment or with the Tin price where it is, so what is the $150m+ doing in the management's hands ?
I have written to the CEO suggesting a buyback. He rejected the idea. If you feel the same, might do likewise. [Personally, I don't want unfranked dividends.]
Does anyone have an up to date list of the top 20 holders that they can post. Thanks...
MLX Price at posting:
31.0¢ Sentiment: None Disclosure: Held
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