TER 2.78% 18.5¢ terracom limited

Fairly impressive 4c but I'm still not convinced for the...

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    Fairly impressive 4c but I'm still not convinced for the following reasons:

    1. Way too much debt;
    2. They are still way too sensitive to coal price; and
    3. Management integrity after the TLO debacle and misinformation.

    I find the note on page 10 with the now candid comment the quarter was "severely impaired" by their TLO issues disappointing. At the time this issue came to light, the smoke and mirrors put up by management was very poor form and IMO breached ASX continuous disclosure obligations. It was only the local press (and posters on here) that figured out the truth of what was going on. They certainly haven't earned shareholder trust and I would be taking whatever they say with a grain of salt....just my opinion.
 
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