Ann: Letter to Shareholders, page-7

If you ever wanted evidence the Board of HIL has lost touch with the business then consider this.

The opening paragraph of their letter to shareholders sent this month reads:

"We have had many shareholders ask whether the strategic direction we took 3 years ago was the right one.  To this we answer; absolutely!"

Consider the numbers -

2011/2012 NPAT $26mio
2011/2012 e.p.s. $0.106c
Sep 2012 market cap. $282mio
Sep 2012 share price $1.42


2014/2015 NPAT $11mio
2014/2015 e.p.s. $0.047c
Sep 2015 market cap. $91mio
Sep 2015 share price $0.40c

I always thought a change in strategic direct was meant to improve the overall performance of a company, not reduce earnings by over 50% and decimate shareholder value by over 70% in 3 short years.
We