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APRJAX - thanks for your input on APR, that is helpful. I need to take a closer look at APR, seems like management could be a key issue there. Aggreko seems like a safer bet, although if APR could land new contracts, APR shares would have a lot more upside than Aggreko. Different risk/profile I guess. One thing that is kind of odd to me is the key management are the founders of the business. They built a competitive, global power company in like 10-12 years based on my reading of the annual reports. To me that is pretty impressive. But you are writing off management...so have they just lost their edge or their abilities to run this business in your opinion? I was just surprised because I thought that the current management would be a new team that wasn't as good as the old team and were mucking things up...but it's the same guys. In some ways, that makes me believe they can work their way out of the current challenges. Again, unless they have just lost it and they are burned out, checked out, etc. But they do own about 7 mill shares under JCLA (#6 shareholder), so they are not completely cashed out. They still appear to have some healthy skin in the game. And thanks to one of your other posts, I did find the Campion guy's twitter page, and he does seem to enjoy the finer things in life (understatement), so you would think he'd like to see that JCLA stake worth a lot more than it is here at 90 p! Thanks again.
Hi UtilityInvest. It is not the same management. Yes founders still there. But, it was really when new head of sales came on board when the stock skyrocketed and all metrics improved across the board. What did Campion, Anderson and their cronies do when stock hit all time high?! Did they believe in the company? Buy more stock which sends the right signal to the market and other investors/shareholders? Nope. They dumped all their stock?! Not surprisingly, Soros, the Capital Group and others also took their cue and sold off. When Martinez left, did they put a qualified CFO in place (keep in mind that Martinez had just replaced prior CFO), nope, they put Munro who had never been a CFO and under his leadership APR's had a qualified opinion from the auditors, the bank covenants have been breached, stock at all time low with current shareholders continuing to sell. When the announcement came out that Campion, Anderson and Lee were going to continue to lead, APR stock dropped 11%! When COO's departure was announced was made APR stock dropped again materially. Clearly the professional investors have spoken on what they think of the current management. Finally, no idea why you would say that Campion and Anderson have "skin in the game" when they are down to less than 3%. They cashed out and don't need to make a penny more with the hundreds of millions they made already, but to the detriment of their employees stock options which are under water (clear incentive to lose most talented employees who have no reason to stay) and to existing shareholders.