Little Irish gits who live in glass houses should avoid throwing stones, especially at glass factories….

Little Irish gits who live in glass houses should avoid throwing stones, especially at glass factories…

The announcement of a strategic review by Metro Performance Glass is “not good enough,” and its chairman should have already resigned, says fund manager Brian Gaynor.

The company this morning announced a strategic review of “all aspects of the company” and said chairman Sir John Goulter would not be seeking re-election at the end of his current term.

The company’s shares rose 2c to $1.04 on the news.

Mr Gaynor, whose firm Milford Asset Management controls about 6.8% of Metro Glass, said the announcement amounted to an admission of failure by the board.

“As a shareholder we’re very disappointed they have to make this announcement,” he said.

I’m sure there were many who were disappointed to hear that staff at Milford Asset Management were fiddling the market…but Mr Gaynor was strangely silent on that little kerfuffle.

“The role of a board should be to be constantly on top of a company, to be reviewing it on an ongoing basis. So when they say they’re having a strategic review it means what they’ve been doing up to date hasn’t been satisfactory.

“They raised money from the public at a price substantially higher than the current price. And they’re now saying after this period we now have to review what we’re doing. I don’t think that’s very satisfactory.

“They’re admitting effectively they haven’t been doing a good job.”

Shares in Metro Glass, which processes glass for the residential and commercial construction sectors, have fallen 50% in the last 12 months and are well down on their 2014 float price of $1.70.

Mr Gaynor said it was “obvious” that Sir John should have resigned.

“Yes he should have gone. People have got to be accountable.

And who was held accountable at Milford Asset Management? Oh that’s right, some putz who was chucked under the bus.

“The share price of that company has dropped substantially during a period when the sharemarket has been very strong and the building industry being very strong. So you’ve got to say there’s something wrong with the company and the person at the top should be responsible for that.”

Perhaps the mighty Mr Brian Gaynor, whose dirty trader staff manipulated prices and then paid a fine to make it go away, should avoid telling others to resign until they offer up some scalps for mismanagement and mis-governance.

 

-NBR

 


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story.  And when he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet.   Cam Slater doesn’t do quiet, and as a result he is a polarising, controversial but highly effective journalist that takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him.  But you can’t ignore him.

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