clipped from stockhouse.com/bull boards:
canoe.ca
For those not wanting to read the whole thing, here are the highlights, IMO:
Heading:
Big investors are no longer content to stand by as company managers adversely affect shareholder values. They are actively throwing their weight around.
Highlight 1) "Mr. MacLellan has joined the growing posse of activist investors, ranging from huge players like Ontario Teachers' Pension Plan Board to the self-proclaimed "sharpshooters" of Enterprise Capital Management Inc. When the posse is fed up with a stock's performance, it doesn't sell the shares -- it shoots up the board and sells the company.
Highlight 2) "The really exciting thing [about the new activist trend] is direct involvement of [the] Bank," says Jim MacDonald, Enterprise's chairman. "It's one thing for us, who some might characterize as opportunistic, but when the ...Bank is willing to stand up and be counted, that's a fabulous development." [my insert]
Highlight 3) "We've seen managements we refer to as egregious capital destroyers," says Bob Bertram, the senior vice-president of investment at Teachers. "It is not in our interest to leave them in place. We've been involved in unfriendly takeovers, we've instigated overthrows of boards. But those are not the norm." [I've looked up the word "egregious" for my own benefit, and it is described as: "Surpassing; extraordinary; distinguished (in a bad sense); -- formerly used with words importing a good quality, but now joined with words having a bad sense; as, an egregious rascal; an egregious ass; an egregious mistake." ---from Dictionary.com]
Just thought of TCT, while reading this article, and thought others may share similar sentiments.
cheers to all the patient shareholders; this story may be taking a '180'. |
