What has happened to this once proud Sandgropper company??? Shares trading in 2004 at $7.20 - now down to $3.52 as at 24 August 2007. The results announcement today was another disaster with a loss of ($1.2 million). No wonder the former CEO Chri Glenn fledthe scene on 11 April 2007. The dogs were barking -no biting!!!. Their Automotive Parts distribution business has been in intensive care for the past 7 years with restructure after restructure. They have even tried an ex Bunnings State Manager as EGM - but still no result. Roger Flynn - Executive Chairman has cleared the decks with this result - taking some goodwill impairment write offs of some ($8.8 million) and IT infrastructure carrying value write downs of ($10.4 million). They need to appoint a switched on EGM for their Automotive divsion that knows the drivers to trade based parts distribution and specialty retail. So IMHO - at $3.52 it can get any worse and there has to be some upside for F08. My target is $4.50 inside 12 months. "Go you good thing"!!!. Roger has already moved to restore this one to its former glory - CEO gonski and EGM Automotive gonski 14 September 2007. Lets hope the new recruites can get this one firing back to its glory days.
What has happened to this once proud Sandgropper company???...
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