the future

With TGR due to announce its results tomorrow and WBA next week, this is an opportune time to review WBA.

Can it get any worse?

We have a revolving door of CEO's
Chris Corrigan has resigned
The carrot division showing heavy losses
A NP before tax of only $0.5 to 1.0M for 09/10

and IMO TGR will announce a reduced final dividend on the 4c last year.( all that capex and maybe to put more pressure on WBA?)

To me it is unclear from the WBA announcement whether the anticipated profit is before or after the closure costs of the carrot operation. In any event with TGR figuring in WBA's last year's profit to the tune of $9.8M pre income tax, to end up this year with no more than $1M pretax indicates the enormous losses the Fresh and maybe Walnuts too has racked up in 09/10.

More heads need to roll than just the CEO for this continuing and appalling state of affairs.

Where does selling the TGR stake leave us? No explanation or strategy on the future of onions and walnuts. If onions and walnuts are not preforming well and able to stand on their own two feet, then there is no point in selling the TGR stake as the funds from TGR will just be used to cover losses. Much better to return TGR to WBA holders once the bank loans have been sorted.

The new CEO has been in walnuts for 13 years so is onions the next business to go? The walnuts division better have performed well in 09/10 under his guidance because IMO it hasn't so far.

Surely there must be other disgruntled shareholders out there?