To be realistic one can only assume that a Chairman does not resign and depart the same day, with no explanation is not a good sign!! Clearly a company in chaos at the highest levels.
My money is that the Chairman has gone as (a) their foray into white-goods have proven to be a disaster (as I predicted at the time they made the purchase) (b), the second half results will show lumpy write-downs in goodwill and inventory values and (c) their 2014/2015 results will be down 35%+ over 2013/2014.
For too long this company has relied upon their spin-doctors to to gloss over reality in their result commentaries and market updates - an issue I have commented on for several years.
I do feel the chooks (turkeys?) are coming home to roost !!!
MCP Price at posting:
57.5¢ Sentiment: Hold Disclosure: Held
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