I think that this release settles in my mind the question that LCE just got it wrong when they did not settle their representation upon becoming a cornerstone investor. Having looked through the numbers I think the mgnt have done relatively well. The market has softened for Soda ash so pricing has suffered and the new client going into administration could not have helped.
The gearing is an issue and I for one hope they would do a rights issue. I think that by putting in a bit more this company's future can be even rosier.
This has made my mind up regarding the LCE challenge (I wont support them) but I would still prefer for these issues to have been dealt with without the public spat.
It seems that by having patience this could turn around from being a company milked by Private equity into a stable and decent earner.
Disclaimer: I take no liability for the accuracy of my post. Do your own research prior to making any investment decision.
this is no turkey.
PSH Price at posting:
83.8¢ Sentiment: Buy Disclosure: Held
