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04/01/21
13:20
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Originally posted by Germantheologist:
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They offloaded a previous acquisition last year, Haynes Whaley bought for $22.25 million (USD) back in 2013-14 (from memory). It barely was mentioned and there was no notice to the ASX. All I could find in the 2020 Annual report was that they paid $1,363 Million AUD to get rid of it. More genius moves (Not). you read that right it looks like Cardno paid someone to take it. I couldn't see the corresponding write down in goodwill.That's about the time I gave up investing in them and cut my losses. It's just been run to a level of incompetence that I find difficult to believe. Haha re iron ore
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That sounds totally reasonable, lots of people had your experience - almost everyone who has bought the company is underwater so they dislike it. I think we agree there's always competitive pressure and it's been mismanaged in this case - a competent management could make the business work. Crescent aren't like that, they're bean counters - like the administrator buying the machine that goes ping.VIDEO