Ann: Orica Announces Sale of Minova to Aurelius Group, page-5

Yes another astonishing example of poor capital allocation by an ASX listed company's Board and Mgt.

It's come to the stage where it almost needs to be mandated that ASX company's should not be allowed deploy shareholder funds into any acquisition without an EGM. Dodgy acquisitions are the strategy pursued by management with a short attention span, big ego and limited capacity for solving the underlying challenges in their business.

The gap between have's and have nots in the capital allocation stakes on the ASX could not be wider.

You can count on one hand those that are competent capital allocators on the ASX:
Kerry Stokes
Wesfarmers
Graeme Hart/Burns Philp team 1998 onwards (now departed ASX)

I'd love to know of any other suggestions for the list
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Examples on the worst of..... list would include:
Woolworths Board/Mgt with Masters
All big banks (esp David Murray at CBA)
AMP (with every acquisition bar the China life stub)
Sigma
QBE
Too many others to name