Zen machine is right in that all does not seem well.
1. Eckersley resigning less than 6 months after he was put on the board is NOT a good sign to me. Since when does putting money in a company you believe in as a director "a conflict of interest," UNLESS you have no faith in the current state of the company's affairs and disagree with the direction that management is taking it.
In fact, I would state that investments by directors who REMAIN on the board are a positive and it happens all the time! It's all BS.
2. Everytime a company feels a need to announce "unsolicited offers" it rings alarm bells. This is a short term fix to try to boost the share price and I've seen it being used all too often and too liberally. What often happens is that there are either no deals at the end of the day, or a deal which makes the company even cheaper (i.e. diluting the scrip and often at a discount!).
3. "Employee terminations" and "cost-cutting" obviously means the company think it can no longer grow its revenue faster than its costs. Companies that are on the up often hire more staff!
4. "Closing down locations and exit some businessess" inevitably mean further writedowns. You don't need to look any further than the statement "during this time of transition financial guidance will be withdrawn" to know what this will mean to the bottom line.
I don't think the AGM announcement provides any solid stimulus to create a sustained run up the share price other than short term speculation.
Good luck to all who hold though. I really hope I'm wrong for everyone who still holds.
I have exited my positions and will now watch on the sidelines. In the meantime I have shifted my money to the mining sector where T&A seems to be buzzing everywhere at the moment...
