Ann: Half Year Broker Presentation - February 2017, page-3

Yes... a very upbeat presentation with barely any attention given to the negatives that are worrying shareholders.


It would have been better if the slides had clearly stated what you said above and some attention given to obviating the share price slide...

No mention of market share in this pack either

Two things bother me

1. The 'rebate thing' should have been announced well in advance of Feb 2017. They probably were told this would occur before August 2016 so they really could have forecast this 'revenue drop' and not waited until the share price fell 30% before telling us.

(of course this wouldnt have allowed managers the chance to dump their shares at the peak)

2. The debt levels of CZZ company are low... but the have guarantee's against the JV of approximately $10m... Seems strange that they sold assets for a $2m profit to take on contingent liabilities that are off balance sheet.

This should be a simple and easy to understand business. Management are making this unnecessarily complex.

Keep the supply chain simple... Source from suppliers... sell to customers... accounting / financial trickery isn't required.