I have 835,000 reasons to be upset
@Oldfolk. How many of us are considering selling this stock before the management takes notice? I invested in KCN and AAPL shares around the same time in 2016. My investment in Apple has grown seven fold, and benefiting from a 4-to-1 split and continuous growth. Today, that investment grows not just for the dividends but also for the yearly $130 billion stock buyback and the regular splits every four to five years.
Had I invested the same funds in WHC in 2016, I would have acquired 1,351,000 shares at $0.37 each. Today, Whitehaven Coal trades at $8.32. Although I wouldn't have purchased WHC all at once, but rather over several months to a year, my average cost would likely be above $0.50 per share. Nevertheless, I would have reinvested the dividends, as that is my usual practice.As of Friday, 1,351,000 shares at $8.20 each would be worth $11.2 million. This is the capital I need to refurbish old buildings that desperately require my attention, without having to borrow or wait while the CEO squanders my investment, now even bringing his wife along on these trips at whose expense?
The essence of my argument is that I took a calculated risk with KCN, which initially paid off. However, after the mine reopened, the situation deteriorated within six months. I value a fiduciary relationship where I can count on management's honesty, no matter how difficult the news might be. I would prefer a straightforward admission that there is no buyer yet, rather than misleading statements about an imminent sale. If NE is such a financial burden, it would be better to return it to Anglo or the original seller, instead of continuing to pay for an asset we cannot utilize.Furthermore, was there really a need to purchase new 777 dump trucks when we already have a whole fleet idle in the yard? Although acquiring the dozer was essential.
I really am tired of complaining and hope management at least read these posts. I'm not an unreasonable man I know these things take time to manifest but we lack honesty and communication by our BOD. I truly hope this is the last post I make that puts KCN in an unfavorable light.
(20min delay)