I finally exited this stock yesterday after owning it for many...

I finally exited this stock yesterday after owning it for many years. What a disappointment it ended up being. The first few years it was performing really well and growing strongly but ever since the GFC hit and the company disbanded from Macquarie, it has been downhill.

I was expecting results to begin turning positive from the half year onwards due to some of their recent acquisitions and easier PCPs. While this did occur as I had expected, the recent rains in Queensland are likely to have a significant impact on half and full year results. It just hasn't stopped raining - it's incredible. So I decided I just can't keep waiting.

I think one of the biggest mistakes management made was when they distanced themselves from Macquarie and undertook a massively dilutive capital raising. Their decision to try to reduce debt at the cost of earnings per share and growth opportunities appears to have been a big mistake. I have also been disappointed with the management of some of their divisions including health clubs and theme parks. Dreamworld and WhiteWater World is beginning to fall behind their competitors.

I may get back into this stock at some stage if I can see things really begin to turn around. At this rate, I don't see the price returning to my average buy-in around the high $2's mark anytime soon