If you ever wanted evidence the Board of HIL has lost touch with...

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.
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