Yeah I know a new thread title, and beat me over the head with it, however, the other titles didn't seem appropriate, and I very rarely start a new one, so give me a break this time.
A tough day for holders today, and I hope many can take a pause on all the emotion on all levels, regardless whatever interest's you have in MUS. I hope some that seem to have found it difficult recover their health and wellbeing for their families.
Some have been shattered, and the sharks are circling the weakness, normal for any stock, where the delivery was extremely low, on what was expected, based on the information available prior to the auction.
No point wasting energy now on pointing fingers at what information or reports weren't valid, as at the time they seemed balanced on the information available, and hindsight is always 20/20.
Even some astute people, based on the available information got it wrong. The question is how did we end up with such a spectacular deviation from the expectations, of analysts and the market?
Without descending into conspiracies, and to save time and effort, management need to address the market with delivering the following information:
1. A transparent, understanding of the value of the significant amount of the inventory put forward that wasn't sold, and don't tell me a reputable valuation can't be done, as an overall figure doesn't give away specific pricing information.
2. Management will withdraw any requests for any pay increases until real performance has been achieved.
3. A detailed explanation on how the grading system failed, as it delivered totally, by the result, what the buyers DIDN'T WANT to buy!
4. A clear statement on what happened to the so called 'Special' stones.
5. What real steps are being put in place to address the complete failure of the inaugural auction, before the next auction? For instance, more experienced staff for grading, etc.
The above information, is to clear the air, and give shareholders a clearer picture of where we are at. Management have already indicated, reducing costs, and severely curtailing plans for expansion, due to the poor result.
However, none of it will work, if MUS don't clearly articulate and address the failures of the first auction, so as to ensure a more successful second auction.
Everyone, just needs some clear answers. No information, will just erode things even further.
Will see what happens, amongst the expected chaos of tomorrow.
Cheers
gsmaree
MUS Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
