Sounds like your attendance at the last AGM was well worthwhile. Wish I had been there and interpreted as you did as this stock has cost me a lot of money since then.
I do agree that there has been a vagueness coming out of the company over the last year but it does appear to have dissipated a little with the reaffirmation of the earlier full year profit forecast. The annual accounts will make interesting reading and particularly the situation with Formworks and whether there is any continuing legacy.
I think you have made a couple of wrong interpretations about the new director. First of all he was MD of Leighton Contractors not Leighton itself. There appear to be six managing directors under the CEO Wal King. Never-the-less being head of the contractors division, McMorrow should come to STS with useful experience and contacts.
Secondly I am sure that he is a permanent appointment to the Board of STS. In the announcement of the appointment STS said "Peter is currently managing director of Leighton Contractors and will remain in this position until September 2010". It is the Leighton position that finishes in September not his directorship at STS.
STS appears to have some $4.7 million in accumulated franking credits so any dividends should be fully franked as best I can see.
GPASAS
STS Price at posting:
55.5¢ Sentiment: Buy Disclosure: Held
