The only thing that concerns myself is BPAM and their need for the asset value of the company to remain high so they get maximum return, regardless of the return those assets are providing.
The financials prove that although they believe their asset value is 200 million their return is upside down, the market cap has it at $40 million
BPAM clearly would rather non performing assets which is presently the case as long as there is high value in assets as this is how they get their income.
And having the CFO and CEO on the payroll to ensure this happens doesn't seem right
Most CEO and CFO's would sell underperforming assets to reduce debt why have them if they aren't returning, or does it suit BPAM having assets even if they are underperforming, isn't that how they get paid?
It can be said they are trying to turn it around, but the fact they have lost confidence in selling to china and are now concentrating on a highly competitive low margin Australia market its pretty damn evident next year will give another loss and debts will rise. This has been going on for years and a new excuse with a blue sky projection at the last 3 AGMS, its like the boy who cried wolf, have they said this one too many times.
Sexton and Gerlach really need to go, and the CFO and CEO need to cut all ties with BPAM and operate soley for the benefit of Beston global . Sure they can say they are here for beston, but when you receive your own personal $$$ from BPAM no matter how much integrity you have money talks and BS walks. Governance is up the creek here.
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