Wholehartedly agee. Selling assets to maintain a dividend whilst increasing its debt is not a sound strategy. A company with deteriorating fundamentals, heightened risks of not meeting revised guidance, and now under credit watch, is not a 'defensive stock' IMO. The market clearly doesn't see it as defensive. The below chart provides some context when market derisks:
Management have made several strategic missteps, which have been well documented by posters on these forums. They are challenged, and frankly I am not confident they are capable of turning things around. With LTI including measures of reducing gender pay gap (12.5% weighting), and reducing scope1-3 emissions (12.5%), management are not totally incentivised to shareholders interests.
To research the remuneration of CEO and leadership team, required delving through a report of 309 pages. More sections were devoted to the environment, diversity,equity, and inclusion, rather than on strategic direction and measures to achieve it.
SPK Price at posting:
$1.89 Sentiment: Sell Disclosure: Held
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