Went to the AGM yesterday.
As far as I could ascertain everything appears to be on track.
-Merged entity has achieved budget for the 4 months to the end of April. International sales have picked up.
-Cost saving synergies of $5M have already been achieved to date and this is before the merged Co has been able to rationalise plant operations.
CEO and chairman indicated that full benefits of this merger will be realised over the next 2 years.
Only downside was the increase in the A$ against the US$ however CEO indicated that Company had hedging in place to affset this for the time being however a sustained rise may have a future impact on margins and competitiveness in the US market.
Export income accounts for approx 27% of Companies revenue however I am not to sure what proportion of these sales relate to the US.
In summary it is clear that SPC is still a great long term buy and I would not be selling at these levels as Company appears to be meeting expectations.
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