I bit the bullet and bailed out today for reasons mentioned....

I bit the bullet and bailed out today for reasons mentioned. It's partly company-specific (they're not deploying capital efficiently) and partly market-specific (i think the broader market is likely to stay flat or drift lower over the next 12-18 months, and i'd much rather be in a stock yielding 8%+ on a grossed up basis than a habitual equity issuer yielding 3-4% like TOX).

I'll keep an eye on them to see how they track over the medium term but they'd really need to improve their margins and return on capital for a sustained period for me to get interested again. That'd be very difficult to do if we go into an economic downturn, particularly if mining comes off a bit.