WW,
Sitting on my dock, pondering the IR question is not what I had in mind when I started this break, yet frankly, as I told a friend this morning, there are parts of the business that are truly hobby and people surrounding or within it that are a pleasure to deal with, and it is those which I am responding to this week.
In that context, engaging with smart investors is something which I appreciate now more than ever, because it pushes me to look at the process and find ways to elevate it. So what I will do is focus on the points of agreement, even at the risk of drawing internal fire:
1. SLMU has done a poor job of IR.
2. There are some people better suited to manage money, and others better suited to deal with the public.
3. The business model of PLC is quite clear...it builds projects. The business model of SLMU is quite clear, it acquires projects.
4. SLMU will have to find a source of funding in order to acquire projects from PLC or others.
5. PLC is the only entity which has recorded an investment publicly to date.
6. PLC has given a "right of first offer" to SLMU. This is not an exclusive as some on the board have stated.
7. The financial model of a solar canopy will vary from state to state, so any attempt to draw a single line against it will fail. This means that SLMU's financial model as eventual owner of a solar project will also vary from state to state, province to province, and eventually continent to continent.
8. In most cases, the true value of a solar canopy is marketing. No car dealer needs to build a canopy to put solar panels on a roof or recharge EVs. The only ones that need canopies may be those who are seeking to provide shade to customers parking their cars.
9. Any attempt to take the public (or anyone else engaged in this process) for fools will result in a predictable outcome.
10. There is no doubt that if SLMU is to entice investors, it must do a far better job of communicating with its investor base and showing valid reasons why they should have faith in its future.
11. There have been significant milestones accomplished for SLMU and PLC which were not just a few months ago.
12. Patience may be requested of investors, yet communication is the only way it is deserved.
13. There are many who will be happy with my responses, many who won't, and many who don't care because they have their own agenda to begin with. All are fair game. We are adults playing in an arena of risk and reward, and each determines their levels of acceptable in both.
Look forward to your thoughts,
Sass
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