Maybe the same mob can take MYR over again for $1.50 share and then pump it up to sell at $4.10.
Will Jenni be accommodating us the next time round? Will she drop her nickers on stage so that us males stiffen up our resolve to buy the next scam?
In 2010 I said that MYR could be interesting at $1.50.
It is getting there.
The thing to be wary with MYR is that the mob who sold MYR last time to the general public actually sold its properties and geared up the company with around $1 billion in loans (check this) while they ran off with around $1.5 billion into their overseas tax havens after giving their local brokers/lawyers some of the lot. All above board and legit. ATO is still trying to get some tax out of this mob.
I would be concerned about buying MYR because last time I looked it had a lot of debt. And of course people are buying products via the internet, so MYR's revenue and profits are being eroded. Most of MYR's "assets" consisted of Goodwill and stock. It will also be carrying various liabilities in addition to its loans (eg leases, what it owes staff in holiday pay and long service leave etc).
If GFC2 comes along then MYR will be under $1.00.
However, there could be a bounce from here because some of the current selling is due to end of year tax loss selling.
GLA.
loki
MYR Price at posting:
$1.69 Sentiment: LT Sell Disclosure: Not Held
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