Happy to be proved wrong, did not expect such a small impact.
I guess word had already been out there for months that the rot was deep set with these projects and the market had already priced this in.
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Happy to be proved wrong, did not expect such a small impact.
I guess word had already been out there for months that the rot was deep set with these projects and the market had already priced this in.
Only two real options, a certain level of current management have no idea and/or the internal cultural pressure to get the deal done, distorted incentives, combined to caused a dysfunctional process, if the management closely involved had a clue bet they are onto their next gig well before now...
Share price is only back to where we were in November, considering the market, not a bad result!
The Capital notes have now traded. the FBI140 is up from 4% before announcement to 5.5% , with only a couple of years left on its duration.
I think it has to go lower than $6.70 which was the December low. Todays price is possibly being held up because the insto's can't offload fast enough.
I wonder where the 10,000 people who wanted Bob Jones to loose his knighthood after writing a satirical article are?
I would tend to think the huge size of the provisions will be including lots of spare giving Taylor room to move - as a new CEO he will want to totally ensure he doesn't get blamed for any of this later under his tenure.
BUT, I wouldn't make investment decisions on that basis either. For anyone obeying any of the masters rules, eg Benjamin Graham this company is a no go zone for a good few years now. I doubt it has ever qualified for The Zulu Principle.