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Re: DO NOT ADD!!!! REPLACE BOARD MEMBERS!!!! / But, do NOT replace with these guysFirstly, do NOT put this investor and/or his hand-picked additional rep on our BOD. They are NOT aligned with (long term) shareholders. Our BOD has been bad, but it makes no sense to make it worse. These guys want to sell C&C, at this level (I assume a premium over the current mkt cap) because they invested in the circa $1 range, and a bit more than that will be just fine for them (and they get out from under this holding). We, actual long term investors in CTHR, need a profit above $25/share, and we need directors aligned with getting there. It ain't gonna happen by selling the company, unless they first build enough business to far surpass $25/share when selling it. <<<Pursuing acquisitions risks lowering investors’ margin of safety by replacing cash, which serves to protect our downside, with uncertain investments that could distract management from their efforts to improve the core business.>>> Agreed. Do NOT be acquiring anybody. If Mgt can't sell M jewels, find new Mgt. And find some directors (a few, to replace the failing ones) that can find Mgt that can sell M. <<<The Board rigorously pursue an active sale process to sell the company to a strategic acquirer that is able to maximize its long-term value better than the Company can do on its own>>> NO. NFW. There is no way any strategic acquirer would pay a price that reflects the long term value, before C&C demonstrates that long term value with revenues and profits. The scary part, is these guys think "long term value" means relative to $1/share. It does NOT. Long term value means relative to $25/share. I would rather keep this investment and risk a total loss, while targeting actual gains (above $25/share), than give this company away for one or a few bucks per share. That would be a crime. <<<The Board create additional, substantial incentives for the top management team so that in the event of a sale of the Company at a full and fair price they are appropriately rewarded for their efforts>>> Is that even legal for him to say ? That is basically saying that he will support paying a ransom to Mgt, if they will sell the company for what amounts to a decent profit for those who invested around $1/share, while ignoring the real long term investors of C3/C&C, who owned/own shares once worth $25/share, and who NEED much more than that to have a gain. These guys want to substantially reward Mgt for LOSING money for long term investors. <<<Management, under the leadership of CEO Don O’Connell, continue on its recently outlined operating strategy of lowering costs while finding creative ways to organically grow the business>>> Yes, (under whomever can lead it, if Don cannot), find ways to organically grow the (M) business, including the orders of magnitude sales growth that would result from making the world aware that our M is THE BEST FINE jewel. Nothing less would adequately reward long term investors. (Hint......getting our jewel into the industry is the key.) <<<I commend you and the Board for rejecting the recently rumored bid of $1 per share, which clearly undervalued the company.>>> I certainly commend that also. (By the way, why does this guy have info/rumor that the rest of investors never heard ?) I hope they told whomever offered $1, that they should FUCK OFF. <<<I believe that reasonable assumptions outlined in the table that follows would yield a value in the range of $2 to $3 per share without substantial improvement in the business from where it was prior to the COVID pandemic:>>> They should also tell anybody offering $2 or $3 (or $10) to FUCK OFF. Anything under a large premium over $25/share, is NOT worth considering. Put your heads down, and figure out how to make sales reflect the position of our jewel as THE BEST, better than D. Don't give the opportunity to someone else. By the way, this demonstrates that this guy/entity is only interested in getting their recent investment back with a good premium for them. He wants it sold at a level/price far below what would benefit long term investors. With that attitude, they do NOT belong on our BOD. <<<Many shareholders have waited patiently for years, and while it is tempting to keep trying to go it alone, that is no longer the optimal path given the scale of our Company.>>> Years ? A couple decades, plus. It might be optimal if they could sell the company for what the opportunity is worth (multiple billions), but that is impossible anytime soon. It is NOT optimal to sell the company cheap (under $25/share+) in the meantime. <<<incentives should not reward management merely for the stock price rising from the current, deeply depressed levels. Instead, a reasonable threshold for value creation should be set>>> Agreed. But that means NOT below maybe $100 or $200 per share, certainly NOT under $25/share. My guess is this guy/entity would have a target well below $25, which is NOT acceptable. <<<Furthermore, spending this cash on acquisitions or other uncertain ventures will drastically change the risk profile of the Company as an investment. That is not the assumption under which Silver Ring made its investment, nor do I have reason to believe that other shareholders, many of whom have patiently waited for returns for years, expected this turn of events.>>> Agreed, we do NOT want that risk. We also did NOT want the risk of morphing into a jewelRY/retail company, instead of a JEWEL supplier company. Stop using our money to pursue things we did NOT invest for. We do NOT need these guys on our BOD. An small time investor, and a guy with another tiny revenue ($60 million) experience. We need a couple directors who can help Mgt get our JEWEL into the industry, which opens up BILLIONS of dollars of potential sales. All JMHO. |
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