2016 Guidance Affirmed, page-222

Not the bull by any stretch, more the foil for your diatribe. The company has it's issues - mainly margin loss. However, this has been addressed with the US expansion. The financial reporting of an entity such as this is hard to easily dissect. I don't think many broker firms would be assigning a junior to it, that's for sure. Not many people would understand the one sided statutory accounting practices of forward contracts. Without juniors to do the leg work who would bother, especially for a company this size?

The company presentations and announcement formats need refreshing; every time it is the same stuff with different numbers. They also feature minimal depth of explanation, with the LGC decision being a prime example. Whilst it is politically fraught, a clear breakdown of the benefits, with a nice tangible table showing them, would have gone a long way. The market viewed it as a clear negative, where all media reports since then have shown that it was a canny move. This shows a complacency in terms of 'if we understand it, everyone should'. I know that I wouldn't last long in my job if I reported in the style of EPW major ASX announcements.