Was there a campaign against Davies and Nichols that I missed hearing about or was everything done behind closed doors? I had a minor shareholding so I went to the meeting while between more important city appointments. As I don't follow Fenix closely, you can imagine my surprise when I found two directors associated with the previous success of the company resigned and replaced by a rugby player(?) and key employees threatening to resign.
In other news, they're cutting back production so our costs per tonne will rise, although overall costs will be reduced because of that. Not all production is being delivered into the hedge so we're currently getting an average $121/t. Freight rates are higher too. So margins have narrowed. The general tone was not to expect profits for the time being and if the IO price continues to stay low you can expect losses.
I've noticed some HC members stating they're holding this one for dividends. Maybe they should make some fresh calculations using current prices. Anyhow, I'm out, so good luck with all that.
Ann: Results of Meeting, page-8
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37.5¢ |
Change
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Mkt cap ! $260.4M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 5 | 53759 | 37.0¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 38.0¢ | 447513 | 10 |
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