Valuation, page-13

I was thinking, with 10 million sitting in the bank and the majority of the investments behind us, wouldn’t it be nice if the company would announce at the quarterly update a (symbolically) buyback of shares of say 1 or 2 million dollars? Well, at least if management is convinced the stock is way undervalued.


Or perhaps, even better, management can buy stocks for themselves. I know Fred Bart and Ben Greene are already fully loaded, but the rest of management is clearly not. The last couple of years only Peter Leahy bought a (measly) 15.000 shares….


According to the annual report ”key management” Mark Ureda, Kevin Scully, Marc Bornholt en Scott Lamond held no shares at all….Management wasn’t granted options either, which for shareholders is great offcourse, but still.


You should’t try to explain this to Americans. The future is bright and ”our time has come” etc., yet key management have no shares whatsoever. Perhaps we can expect a change of director’s interest notice soon?