Take over Target. Or change the leadership, page-25

Directors’ communication

I’ve already sent management an email asking for clarification on several points. For those who have dealt with them before: do the directors and IR team usually respond promptly?

What I forgot to ask

In my note I zeroed-in on the Moorlands JV but missed a question on current hedge/forward-sales positions. If anyone has colour on that—or sees it disclosed elsewhere—please share.

To holders nursing losses

I know many here bought near the highs and have watched their stake erode. I’ve done the same in other names; normally I sell and redeploy the cash. One lesson that helps next time is a stop-loss plan. It won’t fix the past, but it protects future capital.

@Verysmartgirl (and similar handles)

I noticed your low post count and that you mainly post on TER. Another account with “girl” in the name had only a handful of messages as well. If that’s you, have you taken a big hit here? I’m just curious whether the down-ramp reflects frustration or if you still believe the company can turn.

My own thesis

I’m essentially waiting for a reversal in the gas-vs-coal price spread; if that plays out, TER should move back into the black. Until then I’m watching management’s execution and cash discipline.

Thoughts welcome.