Investment Matters

Portfolio changes

This week we elected to sell your investment in Transpacific Industries.  As you may recall from previous editions of W&D, Transpacific is undertaking an operational turnaround and paring back (e.g. divesting its trucks division).  It has vastly strengthened its balance sheet.  However, in recent times we have become uncomfortable with its level of cash flow generation (important for a business such as Transpacific, and also a key marker of business health). 

Additionally, recently senior management turnover has been high (new CEO in July, and resignation of the head of the main Cleanaway division last week).  Thus, we have elected to exit your position, with the view to investing the proceeds in a business with which we have greater confidence in their outlook.