Sap & others; from July 2018 investor communication.
"At the end of the month, Wellard announced the removal of Fred Troncone, Executive Director Operations (effectively the CEO of the business). John Klepec, the Chairman, will take on his duties on a temporary basis whilst the company finds a long-term replacement.
The company has also decided to reduce the scope of its trading activities to focus on Australia to South East Asia for slaughter and feeder cattle but still participate in the niche market of dairy and breeding cattle globally. This will result in a considerable reduction in overheads and reduces risk.
This decision follows the change in Chairman a few months ago and is a further key step towards fixing the governance of the company so that it can properly participate in the market recovery, which is now clearly underway."
Bit of reading the tea leaves involved in that one. My take is that stabilising the company and getting some predictability back into the picture will be first port of call; once on an even keel leveraging the Aus beef into China thematic going forward and an increasing share price to follow. Certainly a falling knife this one so it won't be pretty nor easy to foresee the outcome here.
WLD Price at posting:
7.3¢ Sentiment: Hold Disclosure: Held
