Deferral may not be the same as rejection, but a rose by any other name… the ultimate result is the same - A2 missed out on an opportunity the market had deemed positive and representative of an ability to act dynamically (even if, as the glass overflowing brigade like to point out, the ultimate impact to the bottom line would not have been huge).
When A2 was trading around $20, it wasn’t based on the intrinsic value of the organisation, but a combination of sentiment and the perceived potential to do great things. The current management seems incapable of impressing on the market that has what it takes to do anything more than eke out fundamental growth, and the share price is reflective of that.
I think I’ve just resigned myself to the fact that this will never again trade on potential whilst these reverse alchemists are in charge (i.e. those turning white gold into lead).
A2M Price at posting:
$4.76 Sentiment: Hold Disclosure: Held
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