2242749 Ont Ltd. AIIFF

sad day

[Thethruthhurts]

I attended yesterday's Armtec AGM and it was pathetic how managment tried to sell everyone on issues with the weather being the source of their problems.  Poor production scheduling and being overly optimistic about the weather was the issue.  

Mark Anderson tapped danced for 20mins with the grace of the Wizard of Oz himself.  Showing flashy slides with bafflegab information that was never substanciated in anyway.  His review of the provinces from west to east was laced with slight facts spun to the impact on poor hard done by "wittle armtec"  Its funny how a new competitior in the west is the biggest obstruction to the drainage division making money because they are under cutting prices.  How about they have new and better equipment and technology and can make pipe for less.  

Ontario he said was behind in construction spending and they were hoping for improvement.  Not true at all.  The Ontario Government and Ontario Municipalities are spending as much as they ever have on infrastructure.  The problem for Armtec is that they don't supply ANY water convenance pipe at all.  All across the country there are major investments being made in upgrading the delivery of clean drinking water to Canadians.  Armtec won't get a dime from this spend.  

Poor performance in Quebec was blamed on the Charbenou commission hearings.  Well really the company you own in Quebec is well below industry standards for precast manufacturing efficeincy.  When the commission is done nothing will change for Armtec in Quebec.  Sell this asset to make a point that you are serious about fixing the company.  The Phillips team way overpaid for it and was councilled not to buy it.  

And Eastern Canada is doing very well thankyou very much but Armtec is no where to be seen out there.  

So Spin Spin and more Spin.  This is not leadership.  The company is paying to much to manage itself with poor managers.  Cut overheads and invest in yourself.  Ask Brookfield which by the way gave Anderson a solid endorsement, for a better break so you can invest capital in the business for it to grow instead of just maintain it self.  Brookfield doesn't want to kill this golden goose which it has bled for fantastic returns on only 30 percent of Armtec's debt.  
What about the other 70 percent.

This thing is lost.  Sell the pieces and give the investors something back.  This was the cry of one investor that boldly challenged management.  Who cowered and gave limitied answers when challenged by someone that has watch his money be pissed away by a team of morons.  They won't recover.  They don't have the products nor the capacity to adapt to the needs of the market.