Current management appear to be resurrecting this company.
From an IPO at 50c the shares declined to the pits, obviously on the verge of administration, controlled by dreamers so far out of their depth as to be amusing if it wasn't so serious for the suffering investors.
Current management have achieved the most difficult of tasks facing any managers i.e. turning around a total disaster into a profitable operation!! Dont underestimate the brilliance of their achievement to date. Many think they could do the same, but few have the intellect and competence to actually do it(good example, DW).
So, congratulations TOX management on a job well done, so far.
Its a 'hazardous' game TOX is in. Only 6 mths or so ago they were indicating Kwinana could be a significant profit driver for the company. They now appear to have changed their mind and will be looking elsewhere for growth. This realisation, to me , is a significant positive. It had the potential to be another disaster of a kind committed in years past. The've done their 'homework' and it now appears Kwinana is not as prospective as it first appeared. I believe this to be reassuring.
If I understand their accounts correctly TOX had borrowings of $2.324m at 31.12.04 and have repaid $150k of this exposure in may & june '05.
I am expecting and would be pleased to see a NPAT of about $250k for july '05.
IMHO, current management are doing everything 'right' and I expect them to continue to do so. Thats probably why I, and I note quite a few others, have significant holdings and intend to hold for the longer term and reap the benefits a competent management can generate for patient sharehoders.
BUT DYOR(do your own research)
good luck to all
TOX Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held