Okay, what's up? Is this just some ridiculous insider trading going on? Almost $100k through, mostly in the $3k-5k range. The only news is that one of the directors (Bryan Mogridge) has bought close to $90k worth in the last 12 days.
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Okay, what's up? Is this just some ridiculous insider trading going on? Almost $100k through, mostly in the $3k-5k range. The only news is that one of the directors (Bryan Mogridge) has bought close to $90k worth in the last 12 days.
-NZ$ at a 6 month low (and possibly going lower as OCR gets held for some time)
-Chart after a VERY long bottoming phase is looking attractive
-Company has taken plenty of bitter pills in recent times to restructure
Always good to see a Chairman backing up words with cash via on market purchases... :-)
-NZ$ at a 6 month low (and possibly going lower as OCR gets held for some time)
-Chart after a VERY long bottoming phase is looking attractive
-Company has taken plenty of bitter pills in recent times to restructure
Always good to see a Chairman backing up words with cash via on market purchases... :-)
Here isthe Chaiman's address at RAK's Annual Shareholders Meeting on 12-September-2014. It's unbelievable.
https://www.nzx.com/files/attachments/200458.pdf
The paragraph I love the most:
"Analysing the results more deeply, the reported Underlying EBITDA loss of $7.5 million included total restructuring costs of $10.4 million, which meant that the business operations produced a positive Underlying EBITDA of $2.9 million. Not a great result, but importantly a positive one."
So a EBITDA loss of $7.5 million is spun as a positive result. That is exactly the piffle I would expect from this dog of all dogs.
For those not in the know, piffle is the combination of piddle and waffle.
Did the hog miss something? From what you've quoted, it is being claimed that Rakon actually made a $2.9m profit if one was to strip out the (presumably) one-off restructuring costs. Is this incorrect?
The hog isn't defending Rakon's business model and/or governance here, but just wanting to get the logic straight.
The thing that really worries me is the lack of accountability and ownership of decisions. All through the process of setting up and operating their China plant they were talking positive like all the losses they were making were just temporary, that everything was going to turn out fine in a little bit of time.... Right up to when they decided to sell, then that was the best decision, that was what was now going to be the best thing for the company, don't worry about what we said before... Then that was badly done and handled (selling for much less than they invested, badly communicated etc etc). Now it's a line that says "our company is shrinking dramatically, but give us a little bit of time and we will be so profitable" again... With all the same people making the decisions I just can't see it.