Let us hope that CSR directors do not overdo Christmas drinks...

Let us hope that CSR directors do not overdo Christmas drinks and go off on holidays too early.

The company has just 25 days (7 of these gazetted public holidays) to secure consent from the NZ OIO for the A$1.75 billion sale of Sucrogen to Wilmar and to put the deal to bed.

If directors are to earn their generous remuneration packages, they must meet these deadlines.

If they fail to, this is what could happen:

1. The Wilmar deal, shareholders best chance for many
years to recover some of their under-performing
outlays, may pass them by. (A lost deal means no
suggested return of proceeds to owners).

2. The company may have to restart the already expensive
demerger process.

3. The company's operatives could continue to be distracted
from their main operating tasks in running the company.

4. Every ill-informed political opportunist might find
opportunities to pursue CSR (erroneously) over asbestos
compensation. Already, some state governments
have belatedly discovered that their instrumentalities
(regulators, housing, works, rail, transport, education,
hospitals etc.) committed official incompetence about
asbestos and are looking for large visible and cashed-
up substitute targets. And they could plunder the name
and cash resources of a great Australian icon company
built up over more than 155 years.

5. Any new deal could present the palpably inconsistent
ACCC with another opportunity to flex its irrelevant
flabby muscles. The ACCC tried before to interfere
in the Wilmar transaction.

6. Shareholders might be denied any chance to see the price
of their shares rise trom current low levels
reflecting company under-performance. (It is hoped
separation will turn CSR into a focused more efficient
building products company, with little debt, and
showing satisfactory profit and dividend projections.


Not good enough.

Direction is what we pay directors for. Let us hope that they do not goof off in the benign bonhomie of Christmas.

Work is the curse of the drinking classes. Let us see some work. Sensibly, belatedly and within 14 working days.



Disclaimer
Please note that I am not providing valuations, advice, information, recommendations or predictions. The above
statements are merely my own comments and thoughts as an ordinary shareholder without any special skills or
knowledge. I absolutely disclaim any responsibility or liability whatsoever for any consequences arising from the
use of my comments and thoughts expressed. If you require advice or information, you should seek the services
of an appropriately qualified independent expert professional person as well as do your own proper research.