True, it hasn't been crystallized, however, if they had closed...

True, it hasn't been crystallized, however, if they had closed there position, it wouldn't have resulted in a hit to the P&L of $7.5m and there assets would have been $7.5m higher.

They are big enough to sell forward future sales. This is a company with sales up to $250m, not your local McDonalds store. What the board and management need to look at is not if its value accretive, but to manage risk. In this case, at the 31st of December, if the position was closed the shareholders would have lost $7.5m.

We are paying management to manage risk. Not just sitting there picking up a pay packet. They should speak to there bank and ask for a FX strategy to minimize risk, so this can be prevented in future. If the bank cant help, then move banks. Any big bank, would be able to assist and provide minimum risk strategy on FX.

GRR shareholders should not be exposed to FX risk any more than is necessary.

Again, I say the person responsible ,needs to consider there position.