Hearing that ANG's debt levels are now at $105m, according to feedback from my industry contacts. ANG remains one of the most debt laden, over geared mining services companies on the ASX...and that's quite an achievement!
Management continue to forecast a 2H15 recovery...but...but...miners continue to delay. (Gee, I wonder why...wouldn't be because of the price collapses in iron ore and coal markets...and don't believe the furphy that ANG is a play on production volumes...it's margins are coming under immense pressure).
We've had massive sp crashes in WDS, UGL, FGE is bust, BLY had to be bailed out...you get the message.
40c price target.
ANG Price at posting:
95.5¢ Sentiment: Sell Disclosure: Not Held
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