FMG fortescue ltd

2.85%

$16.98

Where is FMG Heading, page-2

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DRinvestor

2,551 Posts.

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26/02/17

10:10

Post #: 22910087
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Originally posted by AshleySix ↑

Where is FMG heading
I think thats a question most shareholders need to actually ask. The top 6 shareholders plus all the other shareholders.

I myself have always been a believer in FMG and have always championed everything the management did over the last 12 years. But i have to say i have been extremely unhappy with one person at FMG for 2 months now and i really think its time for him to be moved on.

I am talking about Nev Power and i really think he is taking FMG backwards now.
Here in point form why i think that
1. The December announcment the company had a 4% drop in delivery and he never bothered to explain why. The market asked him many times but till today we still dont have an answer. The way the Iron Ore price is right now you would want to ship deliver more not less. Just think what 4% in Iron Ore sales would have been.
2. He seems to have come to the conclusion that he was only hired to reduce debt and he has done that, but does not have another bullet in his chamber. He has been asked many times "what will FMG do with the extra money once your debt free?" His answer of late is bigger and bigger dividends. He was asked what about the Commonwealth bank buying six mortgage lenders and Bank West or how about Westpac buying StGeorger. Bigger dividends is his answer.
3. A lot of the institutions think he is becoming very arrogant of late with his answers.
4. They asked him about diversification and he answered with huge dividends.

I say this, AGO making money out of a $50 per tone cost price. Why dont you go out and buy them out. Put the iron ore on the FMG train and then on the ship and you just cut $20 of the cost of the iron ore.
I say there is another 9 iron ore miners all around your railway tracks why not go out and buy them.
I say the 10 small iron ore miner's around you if you dont want to buy them why not rail the iron ore for them and also put it on your ships and collect $500 million a year thank you very much.

Dont be surprised if in the next 12 to 18 months he is gone gone gone.

I would love to hear your ideas on why FMG is stuck in this quick sand situation right now.
Please i am not interested in any angry response. Just constructive discussion. To make it clear of my interest i held 500,000 shares till last week when i sold 250,000. I still hold 250,000 of which i am going to use 100,000 to day trade. What i have sold in FMG shares i have put into AGO, BCI, OGC, RSG, RRL, SBM, EVN and a few others. AGO at an entry price of 38 cents.
All this is my opinion and in no way should you buy or sell a single share please.

On another note i now am the owner of a new Tesla which i will take delivery of in August of this year. Plus a case of PATRON Tequila my number one drink.
Have a great time all short term and long term investors. There is room for everyone and we should all respect each others opinions.

Ashley
"One's dignity may be assaulted, it may be vandalised, it may be cruelly mocked, but it can never be taken away unless it's surrendered."
My wifes back by the way

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Totally agree .
He needs to move on.
His always talking down the iron ore price in almost all interviews his been saying its too high and would go down.
This only puts fear intoinvestors .
Sometimes i wish he would not jump on the same wagon all the analysis are on.
The IO prices of late has proved them all wrong.
Welcome back Ash i was also on holidays .
Good to be back.

Last edited by DRinvestor: 26/02/17

FMG Price at posting: $6.57 Sentiment: Buy Disclosure: Held
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(20min delay)
Last $16.98		Change 0.470(2.85%)		Mkt cap ! $52.28B

Open	High	Low	Value	Volume
$16.94	$17.21	$16.81	$174.6M	10.29M

Buyers (Bids)

No.	Vol.	Price($)
1	1000	$16.97

Sellers (Offers)

Price($)	Vol.	No.
$16.99	1604	2

View Market Depth

No.	Vol.	Price($)
1	1200	16.960
6	4318	16.900
2	2500	16.880
1	2330	16.870
5	3380	16.850

Price($)	Vol.	No.
16.990	1200	1
17.030	1199	2
17.050	5100	5
17.060	50572	3
17.070	3545	2

Last trade - 16.10pm 11/07/2025 (20 minute delay)

FMG (ASX) Chart

Where is FMG Heading, page-2

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