yeah, i'm in a similar position. Sold out a few years back and just waiting for a reason to get back in. At this stage it just continues to disappoint. Ive been a long time critic of the board and so was really just waiting for them to move on, or alternatively be held accountable with a larger shareholder holder coming on to the registry and placing a couple of their people on the board.
I fear that APG has been run for the benefit of the directors rather than the shareholders. Massive salaries, without incentives to me suggests this is just their superfund.
MT should have reduced his salary to more than $200k pa. With a market cap of $14m, there is no way he should be on double that. If this was the case, then the company would have had funds available to bring on younger members who are most likely more in 'touch' with the market/relationships etc. To have 70+ year olds running the company without success for the past 15+ years is laughable.
And, to be honest, shareholders are to blame. This is really the only company I know where shareholders continually make up excuses for MT and co. If I gave someone $1m to manage and it was now worth $10k, I would have sacked him/her a long time ago. I definitely wouldn't be making excuses for them, and pointing out there was a stock they got right 7 years ago. All I hear on this forum from long time shareholders is that MT got BHP, Kronos etc in. Well, at the end of the day, it hasn't helped get the plant anywhere closer to completion.
APG Price at posting:
1.1¢ Sentiment: None Disclosure: Not Held
