Listen to the recording or read the transcript of yesterday's investor call. It wasn't pretty.
A few analysts gave the CEO some tough questioning and rightly so. Stock has been trading at an elevated price based on the Mac Bank strategic review. Several analysts pressed the CEO for an update on the strategic review. In response the CEO could not answer when the review would be complete nor what the outcome might be. I think what hit the share price yesterday is the CEO admitted that an outcome of the strategic review might be "nothing and no change to the business". The CEO also dismissed the rumor that Novomatic want to take over the remaining shares of the company.
IMHO the CEO did a terrible job at managing the discussion about the strategic review and given this is what has been driving the elevated price of recent I think yesterday's sell off was down the CEO's pessimistic commentary on the strategic review.
Seems like it is just business as usual at AGI.
AGI Price at posting:
$1.14 Sentiment: Hold Disclosure: Held
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(20min delay)