Wow, well what can one say? This is sad stuff. Presumably wage costs and business ‘growth’ are going surprise on the downside.
Again, given that the share-price is now down 75% in the last year, management needs to be communicating what’s happening in the business (so the market doesn't overreact) and how any issues are being remedied.
Unless they want the price down for, say, an MBO (which may be in breach of their fiduciary obligations), it makes no sense that so little communication is happening. For want of a couple of paragraphs, this tainting uncertainty could be resolved. I was in email contact with Mr Noordhoek and was impressed with his attitude and the breadth of his understanding.
PPT must want out big time, while HHL is nearing its 20% maximum. I agree about the reservations expressed towards HHL. Does anyone know whether they have board representation yet? I haven't read RCR's articles but wouldn’t be surprised if HHL pursues a more active role (GPG like). They are taking a pretty big gamble dollar-costing down like this, and so would hope they’ve got some protection in place.
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