The market reaction today to the aborted takeover seems to indicate a vote of no confidence in the current management team to deliver increasing value to shareholders. Its interesting to note the board has attempted to ease investor fears by re-affirming EBITA guidance of $31m, but this has clearly been ignored. What hasn't been ignored is the warning relating to the roadblocks in pursuit of the EBITA target.
Worse still, what will Archer do with their 20% stake? They could potentially keep the price depressed and look to increase their stake through the creep provision.
What will Orbis & Perpetual do now they have significant stakes? Will they continue to accumulate on current weakness?
More importantly is it time for a management shakeout? It will be a very interesting results announcement on Thursday.
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Last
2.7¢ |
Change
0.000(0.00%) |
Mkt cap ! $4.084M | |||
| Open | High | Low | Value | Volume |
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