I own some WNMLA at a cost of 3.91, having traded it many times but having been caught with one position when they announced this delisting. I think the delisting makes sense from a financial point of view, as the new regulations are onerous and expensive, but of course it will make it harder to trade the stock. It wasn't that easy to trade it as things were, as it often had a wide spread and fairly low volume, but this will make things worse from a trading standpoint.
I'm curious as to why you view the management as slimy. I know that the A shares are not voting shares, and all of the control in terms of voting rights is held by the insiders, but the chairman and others also own a large position in the A shares, and their pay is not at all out of line. There have been no options exercised in over a year and a half.
I think more and more companies will choose to delist and/or go private in the coming months, due to the recent regulatory changes, so perhaps it will become more accepted for a company to trade on the pink sheets. I don't have any good reason to dump my WNMLA shares at this price given the company's underlying value, but it may be a while before I can sell them for a profit. A share buyback and/or a dividend would be nice. |
