I was a shareholder back in the NoniB Kindl days. It was a lean,...

I was a shareholder back in the NoniB Kindl days. It was a lean, easy to understand company. I resisted the Alceon takeover because I believed the takeover price offered undervalued the company, as did a few other shareholders and we remained listed. Well Alceon then went ahead and did things which would usually be done in private markets prior to re-listing. In this case it was all done under the gaze of the public market. They rolled in some other businesses and ratcheted up the gearing and became Mosaic. During all this I decided to go to an AGM and get a feeling for management. I sold out shortly after.

All along the way there were set backs: covid, bushfires, etc. etc. none of these the fault of management strategy of course. Other companies have navigated this period but Mosaic succumbed, debt can do that. In other words death by private equity.