By Chris Bailey of Financial Orbit | Wednesday 16 September 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Let’s review recent events at the self-styled mining giant Glencore (GLEN). A month or so ago Glencore management gave a pretty clear view in its post results conference call that the balance sheet was strong enough not to raise money. Nine days ago bullied by panicky ‘key stakeholders’ (i.e. big institutional shareholders) the company announced a surprise range of initiatives as I noted here to strengthen their balance sheet. On the accompanying conference call the management noted cost cuts, mine mothballing and disposals were all way preferable to an equity money raising but that – once again – they would be sounding out the company’s ‘key stakeholders’ to gauge their views.
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