Hi, Jack.
I had hoped that things would be different this time. However, can a leopard...? As you know I represented the interests of minority shareholders for two frustrating years.
No value in reviewing Mike's leadership of lack thereof.
Having said that, Pyng has another opportunity to move in a positive direction. Choose a competent, independent leader. I fear it will be a FOM (friend of Mike). Then, in my opinion, we are in big trouble.
You may remember that we discussed that, to the astonishment of all of us present, Mike tendered his resignation at an AGM a few years back, only to rescind it or to have his statement explained away. I think he stated that he had a twelve year old daughter... This current announcement is likely for real.
I would not be surprised to see an appointment of a 'safe' CEO. In fact, I expect it. In my opinion, Kevin and, perhaps, David would probably qualify from Mike's perspective. Having worked with the on-site management, in my view, Judy would get my vote and is the only one I would have any confidence in.
I hope my pessimism, although rooted in experience, is unfounded.
Best regards to old timers and newbie investors in Pyng,
Ed
P.S. As I stated earlier, there is an old adage, "as management goes, so goes the stock" Let's pray for a competent new CEO.
P.P.S. My family and I are taking profits in our very overweight energy positions in our portfolios. We are moving money into financials, REITS etc. With confidence in leadership we would consider Pyng. However, ............. |
