Ann: Results of Meeting, page-13

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07/01/20

04:46

Post #: 42255162
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Originally posted by ggbdn: ↑

John O’Sullivan summed it up concisely.
Acquistion strategy was poorly qualified
Integration of acquired businesses a resounding failure

As evidenced by $62m impairment charge - grossly overpaid for businesses acquired.

Failed to account for weather impacts in setting market expectations.
Failed to secure critical long standing contracts
Created bad will and ill-feeling in dealings with critical strategic partners - ultimately costing contract renewals (Quicksilver) and still being felt on certain products such as Fitzroy Island where ExCo guests are singled out and prevented from using WC facilities !!

All driven - it would appear - by the same arrogance that has led to solid, founder led businesses being run into the ground with the loss of competent long term staff with the competency to manage and run these more complex businesses had they been supported and properly funded.

it is good to see that the incoming leadership has removed / sidelined the architects and custodians of this utter failure, but it remains sad to see these businesses now so diminished, being ‘picked over’ and sold off into a tourism market that has been nothing but weakened by the brief and odious contributions of Experience’ Co.

A very sad episode in the Cairns tourism market’s history.

Let’s hope that whatever chump change can be dragged from the GBR Helicopters fire sale is put to good use on what’s already looking like a very tired and unloved marine fleet - given that the marine operations are now to be considered ‘core’ business.

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Very well said. They have indeed lost many key, long term staff (myself included) with poor judgement. I have seen many of my friends marched out of EX CO like criminals because they actively voiced concern about the companies strategies. Many of the promises made by the directors during the acquisitions where not carried and staff either got sick of it or were removed. Some of these companies are barely recognisable from years past and can only hope that this does not continue. New direction does not necessarily mean a good one, time will tell.

EXP Price at posting: 25.0¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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