The investment in inventory at 900% of its original stock balance decimated the group’s ability to grow inorganically and has lead to discussion of the group’s solvency; which I dismiss myself included. This is terrible.
Notwithstanding, the stock investment depleted cash on hand and the Chairman had had to come over the top and reset incentives to essentially compel the CEO to wind back the stock investment.
The stock investment pummelled the stock price when the December 2021 half year results were released; have you forgotten this? It lead to some $500,000,000 being wiped off the market valuation ($2 x 240m shares).
Premier; teaching Phil Ryan a lesson in retailing, page-13
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