As a past serial shareholder of MCP I read the announcements/ AGM presentations after being alerted to MCP's issues via the ignominious appearance on HC's "Losers" list yesterday.
MCP provides a good example of a value trap where it looks good for a 'turn-around' and looking backward, provides a great dividend yield but their failure to steady the ship invariably leads to capital losses greater than dividend income.
Operating in such a tough sector that is ripe for 'Amazonification' I'd be very circumspect about MCP's LT prospects.
As Ocker stated above re contempt for shareholders, a major issue I had previously was the remuneration of the former CEO who, on top of a huge salary was awarded a massive bonus for selling a particular division of the Company to their JV partner ... IMO, he was simply doing what his excessive salary paid him for ... no need for a massive self entitled bonus.
Shareholders collectively, not just at MCP, need to reign in this LT trend of excessive executive remuneration packages, especially (as in the case of MCP) performance is less than impressive.
Good luck here guys.
Cheers
John
MCP Price at posting:
93.0¢ Sentiment: None Disclosure: Not Held
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