I tend to agree with farmboy, the acedemic nature of the board...

I tend to agree with farmboy, the acedemic nature of the board and management have allowed the company to get to this position. They have completely miss read the signs that are obvoius to those in the industry. There was no way the high Ag-Chem & Fert prices when current Management were appointed was sustainable, particularly given the China shut down for the Olympics create such a shortage of product. This was always going to be temporary.

For those that can remember the agenda for change presentation that forecast the $55m profit for FY10 coincidentaly the same number in that presentation was the annualised savings in costs for implementation of the new management structure (removal of state offices replaced by regions). Have these savings been achieved, I doubt it. More like costs moved from the back end to the front end!

This outcome was inevitable at some stage & somebody should have seen it (or maybe did). The cost inititives should have started more than a year ago!

For the hard working staff & clients at the front end I sincerly hope there is a white knight because this is a resilient business that keeps getting beat up by Management. Not sure how much more it can take!