2 of my site's machines are going to China in April. Those machines are making beverage drink bottle's caps. The reason I said the corporation's move is the hardest and pray for the future that their plan works, because the death injury rate at work in China is like over 100+/day according to the 2016 consensus. Here in Australia, I think it is counted by the number of fingers in the past 10 years. Also, with the quality, if customers (other food/drink productions company) decided to buy it, it is their choices. But everyone here has heard about the issue with Nufarm (NUF) 40% stock price sell off due to a cancer victim lawsuit. I also read an article on Sydney Herald Sun about how people in China went 'missing', locked in 're habitation centre' for following some anti-government religion and being forced to work to the nearby 'manufacturing sites' to produce goods to export, and other issues relating to corporation tax evasion, corruption crack-down by Xi President. It is like walking on the rope, you can rock the concert or falling off the cliff.
November 2017, they bought the closures system chain supply factories in China, creating 4-1 shares add-on to the corporation shares. November 2018, they appointed Carmen Chua as the corporation Director (Her previous career was a VP and GM Materials at another corporation). Few weeks later from the 2018 annual meeting, they announced to our site that they are shipping machines to China to reduce materials and electricity costs. What a coincidence, and I still feel good for not throwing any votes on the voting date (absent), otherwise, I properly will get a gun and shoot myself.
First, everyone was feeling good about the intention to choose import mode from China to save the material and electricity costs. Stock price recovering, and everyone was cheerful. Then, the day of slamming the bill to our mouth is hard to swallow. Guess sometimes the brain doesn't make money but the hands are. I been watching this whole thing since August 2017, and the amount of loss since $5.xx range is something I can work to recover and declared capital loss during tax claiming time (I had profit elsewhere for this loss), so this is something I can wait and watch the whole event whether they can pull the cooling stunt or falling off the edge, up to them, I guess, Cheers.
Expand
(20min delay)
