Disturbing article in the AFR this morning asserting AMA have called in investments bankers to advise on growth strategy. They allude to growth coming though acquisitions/mergers & are scoping was of funding. That's disappointing that they need bankers to formulate strategy, that's the role of the board & management should be capable of executing it without having to go out and be led by bankers that will of course recommend & subsequently be given mandates to raise capital for 'growth'.
I thought better of this company and had high hopes that CB would sweat the assets they have accumulated & hoped that incremental growth would come through better management of assets & small bolt on acquisitions. Looks like they're preparing the bazooka for a sizeable target. The last raising was what, well north of $1? they paid thru' the nose for it under the guise of 'growth'. See it time and again where the executive can't adequately grow a business, get in 'strategic advisors' and they make overpriced acquisitions to hit their KPI's and then get a windfall. Sitting on a small loss here but have no confidence now going forward, the business should be cracking along and it feels like a rudderless ship.
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