I agree, I posted back on the 26th July that either a massive writedown or restructure will be announced by the new CEO.
It appears that step one has occured and I believe that another is on it's way.
GFF needs to resize it's business to be able to deal with the margin squeeze between the retailers and commodity prices. this will mean manufacturing site rationalisation (as flagged, Supply Chain review), a cut in overheads ie marketing, Sales and Admin or both.
The announcement the CEO makes on direction will decide whether the SP will fall further. I suspect he is well aware of this and I suspect that a rationalisation of assets ie get rid of non core assets will be key to this.
We await the CEO's plans in anticipation!
GFF Price at posting:
66.5¢ Sentiment: Hold Disclosure: Held
