Ann: MV Ocean Shearer Concludes Sea Trials-WLD.AX, page-29

Management committed the cardinal sin of cutting prospectus forecasts in the first reporting period after listing - and in record time. That's what has done the damage - the ship malfunctions and delays have not helped, but they should have factored some headroom into the forecasts as these types of events are par for the course in this type of business. Particularly delays to ship launch. The guidance cut complete shot their credibility.

They went to IPO with bullish forecasts to maximise the money taken off the table, and that's nothing new, but it's still cynical. Should have been more risk averse, taken slightly less of the table, and not left new investors drowning in a deep, frigid bath.