Apr. 16 at 6:23 PM
$BRN 14.6 million shares ... Roth did a secondary at
$1.10 for 1,67 million shares. This was done to tip the balance from Sherwood (an activist). Sherwood has mishandled his adventure here and although sitting on 20% (deeply underwater) is subject to a lock-up until July 29. In the meantime they are attempting to liquidate all legacy assets and return back to a shell. Main assets are a 20% holding in a top tier Hawaiian development (from which they have received 15 million in dividends in the past few years) plus a gas drilling venture in Calgary. At presence they have 3.6 million in cash on the BS. Sherwood would press for a special dividend.
They hired a guy to advise on strategic use of cash (he also bought into the private placement) ... but maybe they just go full Allbrids (not kidding ... LMAO).
When they liquidate the assets this easily doubles, probably triples.
$1.10 is strong resistance on the downside. This is an option on a strategic liquidation and restart.
