by Stockinvestor » Wed Apr 06, 2011 8:12 pm
Today's AGM: From CNA forum.
Quote:
The management looked loss and desperate;
They admitted they are not experienced enough when they enter into agreeement with the 2 ships that the leasee defaulted, it was signed "without recourse" , so now LL. The CEO said we learned a lesson and paid for it.
Now they want to go into new biz segment which they are totally new and with no resources which they have to start from scratch.
i.e. Floating production storage & offloading, Floating oil rigs, inter-modal cranes , Freight containers ( inter-model )
Really nonsence to many unitholders.
Many unitholders asked what is the point for the trust to grow , now double from IPO but shareholder value down by 70% from IPO price ?
One even suggest to buy back its share if the share is being trade at big discount to NAV, mangement gave excuse thta it is now workable, this unitholder siad not workable becos the management fee will shrink when the company buy back own share, is it ? The management just acted blured on this statement.
Unquote: