I'm out after a long suffering few years as an MFG shareholder. I drew up a graph of FUM over the last 6 months and it shows no sign of stabilizing. Whilst the buyback may help to put a floor under the share price in the medium turn, I had to ask myselft if I didn't already own MFG, would I be buying today and the answer is a definite no. I also note the lack of director buying even at these knock-down prices. I also did some research on Brian Benari, head of Barrenjoey, and the first link on google is somewhat concerning. It is painful to crystallize a susbstantial capital loss and the share price may well increase from here but I feel a weight off my shoulders no longer being an MFG holder. Good luck to holders, hopefully management can turn the ship around soon.
MFG Price at posting:
$15.74 Sentiment: None Disclosure: Not Held
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