I actually doubled my small holding in CDU yesterday in light of the announcement of the cornerstone institutional investor. Assure have been quick and decisive in making progress, where management have been failing for some years.
Alas, we have one step forward, and one step back, as I see the AGM in Cloncurry as a huge negative. Imaging the kudos WM would have received by holding the AGM in Sydney or Melbourne; fessing up to shareholders; ushering in a new phase as CDU moves from explorer to miner; the first institutional shareholder on the register. This would have added so much positive momentum...........
What we get is a dimwit idea to hold the AGM in Cloncurry, at the start of Summer and costing $ 1,500+, and probably 3 days to get there and back from the major cities. Only the truely blinded will be spending that sort of money and time to go to Cloncurry in Novemebr, and listen to the Chairman's rant.
Given the sp slide; the JORC debarcle; and the remuneration report, I can understand that the CDU board would want as few as possible shareholders at the AGM. From this perspective, the Cloncurry AGM is not such a dimwit idea at all.
It is a great pity, as it just further undermines management credibility. It is this sort of thing that will turn the latest positive news into a 'pump & dump' exercise. I will be selling to take trading profits, where I would have preferred to hold.
Cheers, Skip .
CDU Price at posting:
$2.15 Sentiment: ST Sell Disclosure: Held
