Ive held RBY in the past and currently hold some PMT, both very cheap based on metrics imo, Susan holds at least 16 million shares of RBY and hard to tell how many of PMT, but the rights that have been issued are very dilutive. Neither company gets much attention, and the "spin off" of RBY from PMT was quite complicated. Initially that was why I got into it.. Its cheap, perhaps Q4 gets some interest.. Perhaps the talk around the dinner table is TOU and TPZ are better? I did see where Mike lets her use his drilling teams so maybe these small companies get good and timely completions :)
I don't think the right are very dilutive in the context of the potential growth. The original rights issue was the mechanism to fund the company; the current management compensation includes options, RSU's and other cash paid arrangements but they do not comprise much dilution in my opinion. See note 8 to the September financial statements.
I looked at them a little closer and they seem reasonable in the context of the spin off. The only one that Im not crazy about were rights issued aug22 on PMT, 1.2m rights @$0.01 each(Its likely completely above board, but Im not crazy about it). I notice her mammoth holdings in RBY, PMT, SES, POU and realize she is a very wealthy woman. Mike's no slough either :)
thankyou for the well written article as usual, yes the family dinners would certainly be a treat to hear.
Ive held RBY in the past and currently hold some PMT, both very cheap based on metrics imo, Susan holds at least 16 million shares of RBY and hard to tell how many of PMT, but the rights that have been issued are very dilutive. Neither company gets much attention, and the "spin off" of RBY from PMT was quite complicated. Initially that was why I got into it.. Its cheap, perhaps Q4 gets some interest.. Perhaps the talk around the dinner table is TOU and TPZ are better? I did see where Mike lets her use his drilling teams so maybe these small companies get good and timely completions :)
I don't think the right are very dilutive in the context of the potential growth. The original rights issue was the mechanism to fund the company; the current management compensation includes options, RSU's and other cash paid arrangements but they do not comprise much dilution in my opinion. See note 8 to the September financial statements.
I looked at them a little closer and they seem reasonable in the context of the spin off. The only one that Im not crazy about were rights issued aug22 on PMT, 1.2m rights @$0.01 each(Its likely completely above board, but Im not crazy about it). I notice her mammoth holdings in RBY, PMT, SES, POU and realize she is a very wealthy woman. Mike's no slough either :)
PS: I picked up some very nice flowers...
Disclaimer, I have decent sized positions in both TOU and TPZ, but only a tiny position in PMT