Sorry, why did Cairns leave again? Must have missed the detailed disclosure on that one..... or maybe there wasn't any! Do we just come up with our own version of events then? Might need to apply the same approach to whatever else unfolded internally during the last 12-18 months as well by the looks of it. What was really unfolding internally at MFG then, was everyone present and accounted for, on the same page, etc??
Remember this SP was $73 2 years back, then $55 last July and $16 bucks today just 7 months later. Poor read of investment markets, cycles and opportunities definitely hasn't helped but I'm not buying that as the only underlying reason as to why the SP has ended up at $16 bucks today.
Key mandates are almost certainly now back under detailed review and today's announcement will be the last straw for some and plenty to consider for others, analysts are already questioning who makes up the new leadership team and ratings agencies have re-opened up the MFG Xcel sheet Vs 8.0 to revisit their previous assumptions which may now need to be re-adjusted again!.
So many murmurs, innuendo, speculation around this stock for the last 12 months that now it seems like some or most of that might have been close to the mark.
And was never comfortable with the investment "RockStar" tag, commentary and general obsession and the apparent willingness of MFG and Co to wear it!! Better aligned to the music industry than the funds management capper.
Good luck to all that remain on the hook, hoping new team can turn it around although current broader market sentiment will add to the challenge.
MFG Price at posting:
$16.43 Sentiment: Sell Disclosure: Not Held
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