Author Topic: BRY - Bri-Chem  (Read 2080 times)

Cardboard

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BRY - Bri-Chem
« on: May 23, 2018, 06:17:47 AM »
Worth creating a thread IMO.

Last year, 11.4 million shares were voted or 48%. Of these, 2.12 million were withheld on Don Caron (Chairman and CEO) while the rest of directors (3) had only around 200,000 shares withheld.

I did not vote my shares last year and I hold a decent stake. I also know other shareholders who are unhappy, did not vote last year and are planning to vote against the slate of directors this year.

Let me put it this way: If the same number vote against Don Caron this year plus the new ones from this year, we are looking at tripling the number of shares withheld or potentially enough to force him to resign from being a director per their corporate by-law: more than 50% of shares voted withheld.

I suspect that those who voted against him last year are long term shareholders quite unhappy with long term results and who do not support him being Chairman and CEO with just over 1 million shares or 4.5%. This is reinforced by the fact that a significant number of shares or similar to 2017 have been withheld for a number of years now.

It is time for us to send a strong message: This is not a private company. One individual with only 4.5% of shares held cannot dictate for the remaining 95.5%. Results have been poor and undervaluation has lasted for way too long. Time to look at strategic alternatives.

The Management Circular was finally published on Sedar on Friday and you should receive your proxy in the mail shortly.

PLEASE VOTE! Every vote counts! DO NOT underestimate your vote even if you believe it is a small stake as it could be the difference maker.

Cardboard


TBW

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Re: BRY - Bri-Chem
« Reply #1 on: May 24, 2018, 06:39:00 AM »
Interesting idea.  Seems like the company can generate earnings and on that basis looks cheap.  However, they keep getting squeezed on working capital if that continues, without any cash on hand, this can get ugly.  ABL has been increased, but I would have thought they would have cut costs more to give themselves more room.

Can they sell any assets?  What would they get for US operations? 

What would the PP&E be worth in a liquidation?

Management does not have high termination costs either, which is interesting to note.

Sunrider

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Re: BRY - Bri-Chem
« Reply #2 on: May 25, 2018, 08:24:49 AM »
Well, I only ever bought 15k shares ... just saw the electronic proxy from IB and withheld votes for all management! Now, I think Cardboard should sharpen is pen and send a strongly worded letter to the board after the vote :) along the lines of 'fire that muppet'.


Worth creating a thread IMO.

Last year, 11.4 million shares were voted or 48%. Of these, 2.12 million were withheld on Don Caron (Chairman and CEO) while the rest of directors (3) had only around 200,000 shares withheld.

I did not vote my shares last year and I hold a decent stake. I also know other shareholders who are unhappy, did not vote last year and are planning to vote against the slate of directors this year.

Let me put it this way: If the same number vote against Don Caron this year plus the new ones from this year, we are looking at tripling the number of shares withheld or potentially enough to force him to resign from being a director per their corporate by-law: more than 50% of shares voted withheld.

I suspect that those who voted against him last year are long term shareholders quite unhappy with long term results and who do not support him being Chairman and CEO with just over 1 million shares or 4.5%. This is reinforced by the fact that a significant number of shares or similar to 2017 have been withheld for a number of years now.

It is time for us to send a strong message: This is not a private company. One individual with only 4.5% of shares held cannot dictate for the remaining 95.5%. Results have been poor and undervaluation has lasted for way too long. Time to look at strategic alternatives.

The Management Circular was finally published on Sedar on Friday and you should receive your proxy in the mail shortly.

PLEASE VOTE! Every vote counts! DO NOT underestimate your vote even if you believe it is a small stake as it could be the difference maker.

Cardboard
« Last Edit: May 25, 2018, 08:26:21 AM by Sunrider »

wisowis

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Re: BRY - Bri-Chem
« Reply #3 on: July 10, 2018, 06:45:37 PM »
Bit late with the news, but: 44.5% withheld on Don Caron, ~1.5 million more shares FOR than WITHHELD.

Cardboard

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Re: BRY - Bri-Chem
« Reply #4 on: July 11, 2018, 05:55:06 AM »
I don't really know how they managed to have so many shares voted FOR them? Much more than their own shareholdings. They must have a lot of friends supporting them. And anyone who has friends like this needs no enemy!

Cardboard

Lakesider

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Re: BRY - Bri-Chem
« Reply #5 on: July 11, 2018, 01:43:06 PM »
Used to work in registry, you would be surprised the amount of people that just vote in favour of all resolutions on proxy forms. You would call them up and they wouldn't even know that they voted for something.

doc75

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Re: BRY - Bri-Chem
« Reply #6 on: July 11, 2018, 06:43:54 PM »
Any reasons for the big spike today? 

TBW

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Re: BRY - Bri-Chem
« Reply #7 on: July 11, 2018, 11:48:25 PM »
Perhaps this practice had something to do with the unexpected votes

https://www.reuters.com/article/agrium-jana-proxy/update-1-jana-questions-agrium-broker-payments-in-proxy-fight-idUSL2N0CO0QH20130401

https://business.financialpost.com/news/fp-street/liquor-stores-to-pay-brokers-to-solicit-votes-in-proxy-battle

Turns out in Canada you can pay brokers to vote the way you want.

No idea if this applicable in this case, but thought I would point out that it can happen.