Although I thought today's result had the potential for worse and therefore the share price was overly pessimistic, I'm most annoyed by gross cash flow.
The fact ag could say on 20 Nov that cash flow up to 31 December might be negative by 30-40 mil and then we now hear it was negative by 60 mil is unforgivable. I wouldn't have minded the writeoffs etc but to blatantly lie to us not only gripes me but opens the door for class action. Ag must go which is unfortunate in a lot of ways. I could forgive optimism in h2, but how could he say negative 30 mil and then it turns into negative 60 1 month later? This was always a big risk and it still is. I believe in the business model so continue to hold and am comforted by the fact that if the ship sinks I will have lost a pittance compared to ag et al. What I will be furious about is selling now and the ship turns around. Obviously this is investing with emotion but fortunately on this one I can afford to. Never again though!
SGH Price at posting:
58.0¢ Sentiment: Hold Disclosure: Held
