Ann: Half Yearly Report and Accounts, page-14

Happens every cycle. This business is VERY cyclical, and usually has an 18-24mth period where ECM activity is very low.

Go through previous declines and check if directors were net buyers or sellers. You'll find they buy near the bottom.


FWIW, Amac (and others) cash out through dividends. They range from 5c to 19cps (not including special divs), fully franked. They've averaged 13.75cps (incl special) over the last 6 years - say 10cps without. That's 11.9% net yield, 17% gross at current prices. That will change at the margins with share count changes and OZG/WIC sale, but will largely hold. And this does not include the mountain of cash + investments at almost $80m sitting on the balance sheet.
Hard to see any rational director cashing out at this price.