I totally agree. I like the product and commitment the Navy made. I like the management.
I don't have a problem with debt either as long as it is manageable. What they are choosing to do isn't a terrible thing. Shareholders are being asked to put more skin in the game.
The math says they will ask shareholders to buy an amount equal to approximately 50% of the existing O/S.
They now have the legal right to stream shares into the marketplace at will.
It MAY, and I stress MAY, not happen at all, or it MAY be a constant trickle keeping pressure on the PPS.
It may also happen in gushes when the announce sales that bring buyers to the table.
They want more liquidity without going to a bank. This is a very common way to do it.
I think the PPS will remain under pressure for a period of time. I took my shares off the table. I will sit on the sideline watching the action looking for a reentry point.
I took a hit on EFOI. I think I can watch closely, get back in and ride the upticks when they happen.
I am not screaming "foul". But I am adapting my strategy according to a new and different set of rules.
Things are not clear right now.
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