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Unusual Choice of Director, page-4

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402 Posts.

19/08/16

14:42

Post #: 18559375
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Originally posted by medici ↑

Something must be going on inside.

(1) CEO left in Dec 2015, another experienced Director left Feb 2016, GM gave leaving notice in Mar 2016...

(2) GM who is not a Director on board and holds nil shares is paid the highest fix remuneration which means he is a real key management personnel and that's why "The Board continues discussions with Mr Heslington with respect to his role moving forward".

So (1)&(2) together seems like further proves (3):

(3) Both of the new directors are banking/finance background.. and they only get very cheap directors fee @$25k, $23k respectively... So they are not the-inviting-talents prices. Instead they look like do-me-a-favor prices especially when Ms Catelan(paid $80k director fee), the non-executive director is holding >32% of the company.

It really looks like an exodus...

Maybe the exodus doesn't impact the Company's business that much but it does in certain degree creates an uncertainty about the company's near term future together with industry headwind.

As a distributor with good balance sheet and healthy cash flows paying reasonable dividends, a Price to sales ratio=0.85 doesn't look like a deep discount to me even though it may make some special niche products...

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Pick a better ratio or adjust for cash

Enterprise value of 7.8m this morning on 40m sales and 4m profit
NWC of 42.1m > MC of 34.5m so below liquidation value

CMI Price at posting: $1.07 Sentiment: Buy Disclosure: Held
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Last $3.16		Change 0.000(0.00%)		Mkt cap ! $91.62M

Open	High	Low	Value	Volume
$3.16	$3.16	$3.16	$1.011K	320

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No.	Vol.	Price($)
1	1717	$3.15

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Price($)	Vol.	No.
$3.34	929	1

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No.	Vol.	Price($)
1	1717	3.150
1	1724	3.040
1	6989	3.030
1	6600	3.020
2	10008	3.000

Price($)	Vol.	No.
3.340	929	1
3.350	679	1
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