Post by
rusty777 on Oct 03, 2023 10:30am
The Board was voted back in with >90% majority
Hi BS Detector,I agree with you.; In these situations the BoD needs to take a LEADERSHIP role. Sadly, this one does not seem so inclined so you are right we are getting exactly what we deserve. ;Mr Market has made it abundantly clear that removing the CEO was just the first step...of MANY to get this one back on track. The likelhood of this being back in the $15.00 range by the next AGM while would be nice, I think is highly remote. I am seeing no reason for this not to get significantly knocked with the Tax-loss selling season coming up. The those that are suggesting a share value in the $4.00 range may well be right. At the moment I see no compelling reason for there to be a turn-around - the Senior Management Team is the Same, the CFO and senior VP's are the same, the BoD is the same..........what exactly has changed other than one man...the overall company vision hasn't changed.
The next shoe may well be another divy cut - hard to substantiate an almost 10% divy without a positive cash flow (see "Simply Wall Street's assessment) and if this goes to $4.00 then the current divy would be in the 20% range which is unsustainable. Once the investment houses start walking away then perhaps we might see some sanity return and the BoD will hopefully change - without a change at the very top its hard to see a change lower down the food chain and, unfortunately, most of these folk REALLY REALLY like their perks so hoping they will do the right thing and walk away is probably just wishful thinking.
The next 6 - 8 weeks will tell the story.
Care to guess the share price Dec 01, 2023?
GLTA
Rusty