unforgivable, page-4

I am in agreement that it is unforgivable. I thought it was a boring company with possibly brighter prospects with commodity prices and good weather. I also thought they were into to hedging not gambling.
It seems the company structure is not a good one. It is still a cooperative of some sort. All the risks on pricing appear to be taken by Namoi and not by the growers, and on the flipside Namoi do not seem to have ever made a premium for taking on this risk. Who knows if it is incompetence, or the directors not making decisions for the benefit of all shareholders or just bad luck. The company announcements are not in plain language so they have not been the best guide to what is going on.