I noticed that the long term director Geoff Hill has resigned (retired). Always a concern running up to the full year results.
As for Perpetual, they backed ABC Learning Centre. If the small value fundies like Acorn, Contango, Geoff Wilson's businesses were backing it, then I'd believe the story.
But you've got a company that owns a water tank business (who needs one on the east coast?) a steel business, well - no one is building and they supply rubbish retail goods that Bunnings will source directly soon anyway. How about Fielders? That alone would be of great concern.
If the Hills board and management were high quality they would have bought a business directly related to the mining boom back in the early 2000's, when the share price was well above today's. They could have bought CPB for under $400m 6 years ago, now worth $3.1b. CPB were a soap, detergent, and local chemical manufacturer based in Qld. Now the biggest assay, metallurgical company in the world.
The Hills board need to do something fast or its going to get very ugly.
Pep
HIL Price at posting:
$1.54 Sentiment: None Disclosure: Held
