After being a big supporter of this stock I sold ANG this week at 76c. My confidence in management has deteriorated, After providing good consistent and accurate outlook in all there annual reports the last 12 months seem pretty questionable. They have previously and consistently stated that mining companies will need to use them for maitenance and replacement contracts, however, this has not eventuated to the extent management has stated it would. You would think that individuals as experienced in the industry as they were would have a firmer grib on industry demand. So this means either they have purposely communicated incorrectly or don't have any knowledge of whats going on.
In addition, a company that is selling 'unused land/proprty' to sell down debt brings into question as to why they had this land/proprty to begin with. If this is obselette one questions whether this good management holding on to such assets until this point.
H2 of this FY is when some of the bank convenant start coming into play. I have concern about how they will go. May still get through, but a little of a risk from my perspective.
ANG Price at posting:
78.0¢ Sentiment: Sell Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)