Allan Grays purchase is a positive as is the withdrawal of CBA which was shorting AHY. I doubt it is a T/O target given the major shareholder (SCA) owns 36%. Hopefully SCA pushes Management to improve in the short term.
Harry Boon does not have a great track record! From Tuesdays AFR:
Funtastic lost four-fifths of its value during the four years he was on the board. Hastie Group was another headache, ending up in voluntary administration. Gale Pacific,
as he put it in his last AGM as chairman, "endured much pain in recent years" while at Paperlinx, he spent a year battling shareholder
Andrew Price over the company's corporate strategy then
resigning after narrowly surviving an attempted spill.
Do we think Boon himself was responsible for the trials these companies faced? Not at all. There were unique, tricky situations in each. Still, it's a rather spectacular run of bad luck.
