NOD nomad building solutions limited

agm feedback

  1. 430 Posts.
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    Here's some feedback from a shareholder who attended yesterday's AGM. The speech given by incoming chairman David Franklyn was a lot more positive and upbeat than the ASX releases. For the first time in a long time, the business has a positive outlook with no more disasters on the horizon.

    Key points by David Franklyn:

    - No one is happy with a 6c shareprice. The board understands this.
    - FY14 is all about the restoration of shareholder value. Management will start paying out dividends as soon as possible and examine share buy backs.
    - McGrath has been a tremendous performer. It is a very good business, which typically makes $4m EBITDA pa. It has strong risk management with stable management.
    - McGrath's Rio contract is performing well and due to complete early CY14. Management is confident of replacing the Rio contract with additional mining services work.
    - Legacy contracts will be closed out shortly. This will enable dividend payments to commence.
    - There is further scope to cut overheads.
    - The company will start communicating with shareholders so the shareprice better reflects the value of the business.
    - The business has $20m of tax losses and $17m of franking credits.

    All up, the business is in better shape than the shareprice gives it credit for.
 
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