AGM is fast approaching. I have not voted online yet. I was waiting for others' opinions on what is the best direction going forward. Vivek and Michael Carapiet have spent the last year trying to sell this company which nobody wanted as a whole but others wanted different parts. They were unsuccessful in this endeavor because the UK financial Conduct Authority required a $600m fund to cover redress payments.
Is current management able to lead this company? Answer would be No as the NPAT for the last 3 years has been a loss of $735m While the best year June 2019 NPAT was +$318m. While the drive to create growth by spending Links capital has failed to materialize debt has increased significantly. to $1,137.45m
We need new management. The board has to find someone qualified in this task to lead this company to profitability again.
To vote on an in-specie distribution of shares shows this board is still focused on selling company not trading our way out. The problem with PXA is that it doesn't pay a dividend as its new, PXA is highly profitable and in time will be worth more.
To sell $100m worth of shares indicates to me this company in a rising interest rate environment has problems with its lenders. We need to generate more revenue, somehow! Worst case scenario would be all shares sold to repay debt but still be left will more debt.
I don't think either is capable or willing to trade our way out. We need new leadership!
I attended the AGM back some years when Michael wanted to buy this British company for some $600m, he hasn't delivered it's all a disaster. My origin enthusiasm has not paid a dividend and resulted in a capital loss.
LNK Price at posting:
$3.45 Sentiment: None Disclosure: Held
