Not really, I'm at a loss to understand what's happened.
In their 1H16 report they stated:
1) their two damaged ships would be back in operation during March. On 4 March they said Swagman had returned to service, and on 21 March they said Outback was back in service.
2) Shearer would be in operation by the end of April. On 28 April they announced that Shearer had commenced operations.
Then on 16 May they provided an operating update, which was positive (regarding the Indonesia permit release), and at this stage they would have had 4 months of financials for 2H16 to review.
Either the four months was bad, and they were hoping to make it up in May, and so said nothing; or the four months was as planned and May was TERRIBLE. But if it was the former situation, then why update the forecast now? If you were waiting for May and June to play out to see if you made up a shortfall, then why go into halt at the very start of June.
As I said, I'm at a loss, and it could be an absolutely egregious case of not keeping the market informed. How you can go from a positive operating update on 16 May to a trading halt and downgrade 3 weeks later is beyond the pail.
WLD Price at posting:
59.5¢ Sentiment: Buy Disclosure: Held
