Hi Saintex. Yes, and I’m not too fussed about keeping the Middle-East, forever if that’s how it turns out. It seems to me to have been about our best performer and has among the best prospects going forward.
The reasons given for not proceeding at the moment DO seem a bit weak. I’m inclined to think it’s just Alf behaving a bit erratically. I’ve gotten rather used to that over time! While it can be vexing, the guy has absolutely delivered. He has stared down the nay-sayers time and again, and been proved right, it seems. So I guess we cut him some slack when some things don’t seem to be handled as smoothly as they might have been. And who knows, ME might be still more valuable in a year or two…maybe this is a judgement call on Alf’s part, and I’ve learnt to respect his judgment.
I’m a bit puzzled as to why there is comment that ME did well in the first quarter, but no reference to the second quarter, as I would have thought fairly firm numbers for Q2 would be available by now.
Anyway, it looks as if profits and dividends will be higher again in FY 25. All seems well with the business. And yes, it still seems to be quite reasonably priced, although perhaps no longer the “screaming buy” of a couple years ago.
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