And what's their net debt position now? Not to mention the waste of shareholders money on a buyback at peak prices. You'd think the company would be familiar with the cyclicality of prices and would realise the share price was at the top of its cycle.
And the only reason they managed to reduce their debt was because of windfall prices. Hell, if iron ore quadrupled in price, I'm sure FMG would reduce their debt to zero as well. Really clutching at straws congratulating management on that one.
WHC Price at posting:
$7.49 Sentiment: Hold Disclosure: Not Held
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