I believe my patience as a shareholder (and other shareholders I know share this view) is close to exhaustion. The energy bull is running hot in Canada, and actually most of the world. MPO is dead money; the opportunity cost is extremely high.
I am willing to wait until the end of the summer to close a deal, but if a deal can’t be closed by then, I am in favor of implementing an immediate share buy back until the shares trade at cash value, slashing all costs to minimal, and then divvying out all cash to shareholders once the shares trade at cash value. Effectively ending the company.
I know this is not the kind of message you’ll be happy to hear, but I have been an investor here for years not months. I offered my best suggestion of Arcan as a merger target, and Arcan is up substantially from that time with more gains likely. We are still below cash value which is totally absurd. I am not impressed with any of the comments coming out of the AGM. I have no clue what size company you guys are targeting, but I’m seeing deals close every week in the patch.
Today LRE and Crocotta, both of which I’ve owned in various incarnations in the past. LRE as far back as when they first came into existence as Galleon and made a nice discovery at Puskwa. I don’t think it’s fair to shareholders to continue this company if something does not happen by the close of the summer.
Please feel free to forward these comments to the BOD, whose gross incompetence is largely responsible for MPO’s current situation. I can’t recall whether the directors have ceased taking compensation but they should - immediately.
Best,
XXX
MPO Price at posting:
17.0¢ Sentiment: None Disclosure: Unspecified
