This is a pretty abysmal response by Midway - and no surprises...

This is a pretty abysmal response by Midway - and no surprises that the market has reacted -8% today.

The ASX query is specifically related to "FY22 (f) 3,069 tonnes volume of (000s GMT)" released in their FY21 results presentation. However, there response is that they could not have foreseen a 39% reduction in revenue prior to 24 February 2022 when they made the announcement. Because, they need an auditor to count the number of ships that have left the port over a six month period? Because they couldn't forecast at any point during the 2H period or within 85 days of 1H22 completing that they had sent only 16 ships instead of the planned 24? I mean come on.. seriously, how daft do they think the ASX and shareholders are?

They honestly are arguing that only once finalised audited results are provided to management, the day they are released to the market, that they could even suppose there was a shortfall in revenue/volume.. despite a month earlier having internal unaudited results showing the same thing? But it's OK, because as shareholders, we are not entitled to outlooks or updates as its " "secret" " and would be the basis of supposition. Are they seriously expecting the ASX and shareholders to think there is some magic formula for spot price contracts that would mean we can't be privvy to it until it is audited months later?

The irony in all this is that in their response to the ASX query they release price sensitive information - "MWY does not consider that the Outlook figures for FY22 are achievable". Despite all their efforts to claim they cannot provide an outlook, and that any outlook would jeapordise their business model, they then provide an update to their outlook that they will not meet it. But they cannot provide the details of that updated outlook, because the revision is still under way, the information would be based on "suppositions", the information would pertain to " "secrets" " (their word, in quotations for I do not know what reason), and besides a reasonable person wouldn't expect an updated outlook anyway.

I am more confident in betting that the ASX will follow this up further, than I am confident that Midway will turn a profit from here.

On an unrelated matter, the CFO resigned today. Nothing to see here folks.