Yes, it is a bit disappointing.The reasons given for holding off seem a bit “soft”. A company shouldn’t imply that such a restructure will likely proceed and then change direction without good reason. Some of us were making investment decisions based on the strong indication that this would be followed through.
At the end of the day, ya gotta trust your board. If they have changed their mind for the moment, perhaps it is based on a revised judgement on their part, or their belief that we’ll do better doing it in a year or so, in which case perhaps we should be applauding their flexible decision-making.
The company still seems well priced and decent value even at these higher levels. And of all our regions, I think I fancy the Middle East the most…it has become quite valuable for a reason.
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