This stock has no credibility in the market what, so ever . It had an asset value of over $1-20 and it traded at $1 after 15 months trading . They crowed about the fact they paid 1 cent in dividend . Management is pathetic, it it should be delisted & liquidated as they haven't a clue. It is a environmental stock & they were buying a cement maker in India . Cement manufacture contributes some 3 percent to global greenhouse emissions . they also bought software games manufacturer in Japan WTF . .The manager showed a disinterest in the option being exercised - it represented over 40 million dollars to MEC. Whilst I discussed it with him , he signalled to his co-worker & excused himself & walked away mid conversation & called me a pessimist because I raised the issue of the underperforming share-price . Had I known it had anything to do with Macquarie Bank I would have avoided it like the plaque .It significantly focusses on Japan , which he claims to have a good understanding of . Japan has been a shocker investment destination for long periods . Probably the most infuriating thing is the manager received a performance fee when the price went up & of course kept it when the price went down This is an Macquarie trick from MIG Macquarie Infrastructure Group days . As the stock , miraculously goes up they get a fee , then it goes down , then goes up & they get another fee. In this way they build a perpetual money making machine .
MEC Price at posting:
99.0¢ Sentiment: Hold Disclosure: Held
