TDA I reckon you are spot on with this. It is shareholders money and it is about time managment stopped pissing it away. AGO, like many mining companies, need to pay a respectable payout ratio to shareholders. 40% minimum. Look at WPL yesterday. BHP and RIO need to follow suit. Shareholders just don't trust management with the money anymore. Too many stupid decisions and subsequent huge writedowns.
Ego has got to be the biggest headwind resource shareholders are facing.
ugly, page-18
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