Ann: Becoming a substantial holder, page-5

I tend to have a positivity bias when I buy stuff but with AMI I do relate to the glass half-empty set. I know there are some strong assets and especially Federation which are yet to become cash-generating and theoretically make the case for holding (which I do, albeit I have sold down a lot) very strong. But the fact is that commodity and precious metal prices have been at extremely high levels and still quarter after quarter we see nothing special from what they already have. Instead of high tide lifting all boats all that happens is that every quarter something misfires to make the overall result ho-hum. If they cant do the job in great times, how are they going to perform when things turn down as they are now?

Moreover its a sad day when the HC folks without a comparative level of detail had a better idea of the problems with the Dargues deal than the Board.

All of which is to say that while I hold I have very limited expectations for the share price even if Federation is the best thing ever.

And BTW I do think they need to address concern about Dargues head on, as its credibility-sapping. They either need to say yes we screwed up and we have learned, or we know there are concerns but we are staking our positions on the fact the deal was sound and it will come right within x timeframe. As it is, the updates just look like unconvincing attempts to polish a turd. And that causes scepticism which goes to to the heart of confidence in management.

Sorry for the rant - just watching the grandies aged 6 and 4 demolish the house and each other while grannie gets supplies for a neighbour with Covid.....