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What I really want to know is: Why should I continue to hold your stock? And why does it feel like you're actively alienating the retail investors who stood by you when it mattered most?
As a long-term shareholder who's ridden out multiple brutal cycles and still maintains a significant position, I'll acknowledge that the recent Pan pivot transaction was essential. It stabilized the company and prevented a far worse outcome. Credit where it's due.
But the way things have unfolded since then has left many of us deeply frustrated and sidelined. Retail investors, you know, the ones who refused to sell during the darkest periods and helped prevent a total share-price collapse? That loyalty is precisely what kept the stock at a level that made this deal viable in the first place.
Yet since the transaction closed, the dominant tone from leadership has been self-congratulatory. Compensation package, RSUs, stock options, and preferential share placement allocations, appear disproportionately directed toward executives, senior management, and insiders. Many of these same leaders have retained their positions without meaningful accountability, and the board has continued to approve these grants with little apparent restraint.
Meanwhile, the broader shareholder base (especially retail) that enabled this turnaround opportunity has received virtually no tangible upside and scarcely any acknowledgment.
This disconnect is amplified by what seems like a profound lack of self-awareness about optics. Celebrating personal windfalls while long-term holders remain underwater, or at best flat, during one of the strongest bull markets in decades is eroding the remaining goodwill that carried the company through its toughest years.
I'm concerned that genuine alignment with shareholders won't emerge until the last of the early believers and loyal retail holders have finally been driven away. I truly hope I'm wrong.
With a cleaner balance sheet and a clear runway ahead, the company is now positioned to capitalize on favorable market conditions but only if it can execute and regain investor trust. That has been elusive to date yet you wouldnโt know it based on the aforementioned compensation situation optics and no performance management accountability. What it desperately needs next is leadership that demonstrates it truly values the patience and sacrifice of ALL investors including those who never abandoned ship.
I'm still here because I believe in the underlying assets and long-term potential. Maybe I am stupid for it. But that conviction is being tested daily by the perception that management's priorities lie elsewhere.
A meaningful shift that includes improved communication, disciplined capital allocation, or incentive structures that actually tie executive rewards to sustained shareholder returns, would go a long way toward restoring confidence. And of course execution and doing what youโre going to say youโre going to do.
Just because youโre able to grant yourselves generous option grants doesn't mean they should be rubber-stamped without question. Optics matter. Consider setting real performance hurdles before checking the box simply because you can.
I know I'm not alone. These feelings are widely shared among long-term retail and institutional holders who have remained supportive through thick and thin.
We're not asking for miracles or promises that can't be kept. We just want clear evidence that our continued commitment is recognized and valued.
So shame on me for still being here. Now what if anything will you do to keep me on board? Thatโs the question you should address to your retail audience who is still with you tomorrow.
Regards,
#baggolder
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