Ann: Market Update , page-8

Despite looking very cheap atm I have sold out today.
Something about the managements lack of disclosure about ongoing write downs really bugs me.
STS looks a good business but I worry about managements ability to extract share holder value.
Amazing what a few new faces on a board can do.
Forward orders look reasonable compared to this time last year although expect margins to remain under pressure.
Holders should enjoy a solid FY dividend of 2.5-3c and STS will remain on my watchlist.
Currently hold only one mining service play atm in LCM as I worry about the next year or two as Capex spend remains under pressure.
Good luck to current holders.