Despite looking very cheap atm I have sold out today. Something about the managements lack of disclosure about ongoing write downs really bugs me. STS looks a good business but I worry about managements ability to extract share holder value. Amazing what a few new faces on a board can do. Forward orders look reasonable compared to this time last year although expect margins to remain under pressure. Holders should enjoy a solid FY dividend of 2.5-3c and STS will remain on my watchlist. Currently hold only one mining service play atm in LCM as I worry about the next year or two as Capex spend remains under pressure. Good luck to current holders.
STS Price at posting:
72.5¢ Sentiment: None Disclosure: Not Held
