I agree belair22 - Q4 last year Oakton made an announcment re: the poor performance of the Victoria operations and as result the SP was sold down.
However, there were a few factors that swayed me into dumping this stock....
1) From todays announcement I was looking for some indication on the progress of the performance improvement plan. I was looking for some signals or indications that the improvement plan has traction / momentum and is beginning to deliver results. I didn't see anything apart from a reiteration describing the PIP.
2) I use to work for a tier-1 consultancy, so I know how these types of organisations work. In simple terms, they are in the business of selling people. From what I understand it is "winning" of work they are struggling with not the execution / delivery. They have recruited new sales and managment staff to remediate this, so we will see how they perform. It is common knowledge in this business that a lot of work is placed based on prior relationships. Because of the turnover in staff, there is now no reliable track record of securing and winning business, which I see as a risk.
3) I done a quick recalculation of the IV based on the results, and it came in ~$2.25.
4) Oustanding Tenix issue
OKN Price at posting:
$2.27 Sentiment: Sell Disclosure: Not Held
