Major Underperformer, page-27

Yes I think you are right.

There will be reasonable money to be made here around these prices. Prob circa 50% over the next year or so.

I was previously in about the 40c mark (not sure exactly) after the Chemist Warehouse debacle under Hooper's reign of shareholder destruction. Then out not long after for a decent gain.

My main lament with these type of businesses is that the big lazy institutional investors appear apathetic to changes at the Board or Exec level.
Hooper was well out of his depth for his duration. One only really had to know that he had come from Paperlinx to have predicted the results.

The key to unlocking value here will be either:

a. New CEO (expect heavy write-downs once he commences, especially with the CFO department)

b. PE (KKR etc) take it off shareholders hands, then sell-down the property to fund their purchase, rip the guys out of the operations, resell it back to the ASX in about 5 years with tarted up books, 50% margin increases, and not a spare pen left on the balance sheet)