Professional punters just spooking and taking advantage of the mug punters - as they say "it's like stealing wheat from a blind chook".
There really was nothing to be overly concerned about at the comments from the AGM.
Having said that, managements comments about the impact of FX rate movements and the impact on their P/L are at odds with the actual FX rates commented on in their results. Their stated FX hedging policy even further suggest the AGM comments are rubbish!!
I really cannot be bothered with going into detail, but for those that are interested, check out their stated FX hedging policy and the historical FX rates from the RBA web site. Then compare these rates to those stated in their past results and the latest AGM commentary.
Even those without a background in FX markets and hedging should be able to see the commentary management use to justify the negative impact on MCP's results and the actual market FX rates is a joke. Quite simply, the numbers do not stack up.!
As such, I would suggest their is another (or more), undisclosed that are holding back MCP.
I still hold the stock (and bought some more today @ 92c) but punters should tread wearily.
MCP Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
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