Timee, this is exactly what i mean, the company was going well for so long, good dividends etc and no complaints anywhere just high fives.
The very minute something goes belly up, here come all the complaints and class actions. the mining services area is cut throat, highly competative and if your prices are not lean then you have no hope in hell of getting a contract.Add to that huge expenses in heavy machinery,wages,breakdowns,wear and tear and the list goes on, it is a very difficult industry.
To top that off, the previous anti productive govt with their carbon and mining taxes, unions running around systematically tearing down productivity,coupled with a big downturn in China,you have a recipe for disaster. Coupled with human error in management and shareholder judgement, you are set for a catastrophic downturn.
You blame management but you take no responsibility for your own shareholding.That was a big judgement of error on your part as was it with mine.
I can tell you now inv, nothing will come of the class action, the management did their best in what was a very very dificult climate.All it will achieve is some shing coins in the legal eagles pockets and the creditors taking a deal of a few cents in the dollar.
Time for us all to move on here, nothing happening here folks.
FGE Price at posting:
91.5¢ Sentiment: None Disclosure: Held
