The meeting was held on Level 28 of 1 Eagle St, Brisbane. It's a beautiful room of DLA Phillips Fox and one of the directors is a partner at the law firm. There was about 60 in attendance but about 20 private investors.
AGM - Well the chairman is retiring but staying on the board for another year. One of the other directors is now the Chairman and i had a nice chat with him afterwards.
The presentation is as on the ASX Website, but Michael Buckland who is the CEO is a very good presenter and explained further on each bullet point made with an emphasis on the future direction of the company.
It was all positive.
In the Q&A - we learnt that if BKN wants to buy ANG, it would be a good fit and needs to be at a 30% premium at least so looking around the $6 mark. BKN is really suffering with the withdraw of the ENSCO licence and really need to fill a hole quickly. With BKN nearly at 20%, it's going to be interesting to see what happens. BKN average buying price of ANG is $2.50 according to their CFO
Their corporate HQ is 4 people - very lean and mean!
They specialise in customised trays. You can buy your truck (caterpillar, komatsu, Liebherr) and have their bog-standard tray or have Austin customised trays. Some mines want maximum capacity which requires a thinner steel tray but the duration isn't as long or something that is longer lasting which requires more steel and subsequently less capacity. They are saying the Chilean miners such as Codelco are going through their trays very quickly as their excavators bang on their trays when loading leading to wear and tear quicker.
ANG next AGM in 2011 is scheduled to be in Sydney, i recommend any shareholders turn up, you'll be illuminated by Buckland's knowledge of the industry.
ANG Price at posting:
$4.32 Sentiment: LT Buy Disclosure: Held
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(20min delay)