Hi Jersey,Thanks for sharing your thoughts. I hope that your large parcel works out well for you.
I am confused when you say:
" I don't like the BoD Full stop and I will tell you why.1. It is a New York based Equity dominated BoD !!"
The following people have served on the board since listing. The list includes name, background and residence and is conspicuously missing people who live in NY:
NAME BACKGROUND RESIDENCE Peter James Executive Management IINET, Nearmap Sydney Danny Rotman Long time Omni employee/lawyer Melbourne Robert Clisdell Accountant, Banker, Credit Suisse Sydney Andrew Reeves Executive Management, boards, George Weston Sydney Arie Nudel Long time Omni, Keytone Melbourne James Gong* Executive, Keytone, Westland Milk New Zealand Peter Hobman* Executive, Murray Ghoulburn Coop, Dairy New Zealand Jourdan Thompson Accountant at EY, Banker Sydney Vivienne Chung Banker from Bank of China, ASB Unknown Andrew Bursill Accountant Sydney Bernard Kavanaugh* Executive Management, Warnambool Cheese Victoria
Are you aware of some other reason that makes this a NY board? (Also I like boards to have as much equity as possible!)
You also say:
"2. Its share performance issues are greedy (this is a 50 mill Company and there were 120 000 000 performance shares potentially on offer, now 103 000 000) and now 16 000 000 performance share issued and now on market and you comments will not change my mind that these have hit stock purchasers' confidence."
Even if we ignore the amount of these shares that were part of the compensation for acquisitions... all of these shares were visible for extended periods of higher share prices. If your investment manager made this call perhaps you should be upset with them if it troubles you. Or if you yourself made the call, and it upset you so, why did you not sell out as soon as your investment thesis was undermined by these grants that you deem excessive?
3. They have supervised a stock price rout from 77 C to 20.5C .
Well if you choose the highest price the stock ever attained, and then only briefly, yes it is a bit higher than .77. However the average price over the listed life is closer to something like .30 or .35. And why does this matter anyway - who cares about the short term fluctuations? If you have a stock that you deem worthy of buying - like you did at .55 - and then that same company is put on a special sale at .19 or .20 I should think you would want to buy more and you would be pleased with the purchase. If you think the cap table is grossly unacceptable why are you still holding at all?
"So please don't tell me these facts above are incorrect or use your less pleasant vocabulary more associated with ramping"
Would suggest the "facts" speak for themselves quite clearly. As for less pleasant vocabulary not sure what you might mean by that. I have noticed that there is some very small minority on HC who, if presented with information that conflicts with their existing opinions, immediately uses one of the following, like you did: A. Since you disagree with me and I can't support my argument you must be an evil shorter. B. Since you disagree with me and I can't support my argument you must be an evil stock up ramper.
Just to show this is all in good fun will leave you with a joke that my young son, coincidentally, shared with me today.
What do you call a cow that can’t produce milk? A milk dud.
Cheers,
Cuppa
* indicates the person is no longer serving on the board.
KTD Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
(20min delay)