PGNT Proxy Please VOTE!

Calling all PGNT shareholders please vote!  

In this proxy every vote really does count so please do vote, no matter how many shares you hold.  

Sham owns about 29% of the outstanding.  Given the two larger shareholders with 11% and 17%, this could really go either way depending on what they do.  

If you own shares please vote.  If you know other shareholders please encourage them to vote.  

PGNT has been tragically undervalued for years and this is your chance to force the change you want to see.  

Personally I can't see a single reason to vote with Sham.  He has a history of theft and shadiness.  He paid himself $446k when the company market cap was only $11m!  He had the company buy MLS season tickets in both Atlanta and Miami.  He had the company lease an office in Las Vegas, for what looking at condos?  

Mainly Sham is just a bad investor.  He's not good.  I wrote a whole post on how bad Sham is last November.  I'll just give a few points here:

• "Since 2012, Sham has piloted PGNT stock from ~$2.5 to $5.7 for an unimpressive 7.1% CAGR. But Sham should really be judged on his investment performance since capital allocation is his main responsibility. It'd hard to see clearly because they don't break things out that well in the reports so I've taken a few different angles. Each one looks bad: 
• If we add up all of the realized and unrealized investment gains on PGNT’s income statement since Sham took over the sum is $360k over 12 years. He started with $1.27m giving about 2% CAGR versus 14% for the S&P 500.
• If we add up all of the purchases of investments and proceeds from sales of investments on the cashflow statement since Sham took over the sum is $-4.2m over 12 years which is horrible taken on its own.
• 12 years ago when Sham took over the company had $1.27m of marketable securities and now we have $1.6m in the most recent annual report. If we would have just invested in the S&P 500 that number would be $6.1m."

He doesn't invest well.  He pays himself too much.  He uses company funds as if it's his own piggy bank.  I've always felt Sham was PGNT's greatest risk and the main thing holding back the stock.  

I will be voting with the current board of Tim Eriksen, Lontini, and Brownstein.  I don't know anything about Lontini or Brownstein, but I'm familiar with Tim Eriksen and in my mind it's a home run to have him on board.  

Tim makes smart decisions and has a good history.  Tim runs a fund which has returned 14.3% avg since 2006 vs 10% for the S&P.  He acts rationally and doesn't overpay himself.  He has good board experience and really knows what he's doing.    

When Sham got kicked out last August the stock was languishing down at $6.40.  Now it's up to $9, gaining 40%.  I really hope the new board wins so we can see that stock keep moving up.  They've already done so much good by getting out of the OPTT situation, selling those stupid Las Vegas condos, and liquidating Sham's underperforming stock portfolio.  

If Sham wins I'm sure the stock will drop back down as it would be back to the same old bad decisions

--Dan

disclosure: long PGNT and voting against Sham