At AGM today, small shareholders were very pleased with the changes to the board and input of Alberto Calderon (CEO since May) and newly confirmed former CEO, now Chairman, Malcolm Broomhead. Both Broomhead and retiring director Ian Cockerill
were strongly supported by the votes as was the remuneration report. Looks to me like dividend is stable, but DYOR. Overall was a very encouraging meeting, my second as an Orica shareholder but someone has done business with Orica as supplier of equipment and services.
They are well placed to maintain and extend global market leadership in industry 56 countries. The answer to question on impact of reduced demand for Thermal coal was very reassuring, independent research cited shows demand continuing to grow, not in all markets, but on global basis. Tunnelling is a high margin high growth revenue area as countries like Norway have decided to inves in building over 00km of tunnels annually. Good use for a sovereign wealth find if we had one here, or use superannuation pool and appropriate entry vehicles for retail investors to participate, not spend money with expensive above the law Union-co-conspiring contractors that presently head the market for civil works here.
ORI Price at posting:
$14.22 Sentiment: Hold Disclosure: Held
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(20min delay)