Dear ihsstf
Let me start by saying I do not think the SYTE management is perfect by any means. I have questioned many times over the many years I have owned this stock about various things. But I also have given them credit when they do good things as well. I complained about lack of communication to shareholders in the past. There have been periods of good communication and periods not so good. I was glad to see the shareholder online meeting last year. Trust me I will complain again in the future if they wait too long until another one or at least some pr's with company direction and updates as I feel the lack of that is a disrespect to shareholders.
What do I like about the company management? I like that they have kept costs down, always look for ways to reduce those costs, report profits and have not issued oodles of shares. I like that they diversified into real estate. It also gives me hope that he understands he must diversify out of dial-up and that maybe he will invest more and more heavily into real estate going forward or some other sector or technology.
As for the activist shareholders. I dont really have any animosity towards them but I would say more skepticism and not really knowing what their ultimate goal is. If the goal is to takeover the company, then I do not support them at all because I do not know what they will do with the company. I know how Frank operates the company having been a shareholder here for 14 years. I dont know what these guys would do.
If the group simply wants SYTE management to do the basic things they need to do under the law, then I agree with that. If the goal is to tell Frank how to run the company the way "they" want it run and to spend money the way "they" want to spend it. Then I cannot back them because I do not know what their plan is.
But red flags just go up for me when a group is complaining about the way management does things and how the company is run and then continues to accumulate more shares at the same time. That tells me they want something more than the company to simply communicate better. That tells me they might want to run or takeover the company. And I know nothing about them or what they would do so at this point I would favor current management.
I guess I can only turn the questions back to you and to the activist group.
1.) If you dont like the way the company is run, why does the group keep adding shares? You must like things about the company or you would not be adding shares. So list the things you really like about this company? Nobody buys that many shares in a company they do not like.
2.) List in totality , exactly the things you would like current management to do that would satisfy the group. Does the list simply include corporate governance things like shareholders meetings, proper filings etc? Or does the group also want to influence the way the company is actively managed as far as busisness decisions and how to invest the companies money and assets??
Again I dont have any animosity toward the group. This is America and they can do what they choose. But I do have some guardedness about them at this point. Maybe my view will change as I learn more about their entire intentions but at this point , I remain skeptical.
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