Super-voting shares eliminated, board exposed. Net cash offers 40%+ upside from here.
This is a bet on the activists succeeding in replacing the board. The company is a net-net with a clean balance sheet: no debt, and a net cash position currently sitting 65% above the stock price. There is some cash burn, but even by end-2026, net cash should still stand 40% above the current price.
For years, the company has been weighed down by poor business performance and an entrenched board. The recent elimination of super-voting shares has substantially curtailed management’s voting power and opened the door to activism. It did not take long for the activists to show up. If they take control at this year’s AGM and move to realize the net cash value, the upside from here could be substantial.
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