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WOW - WOOLWORTHS GROUP LIMITED


Meteor

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Woolworths must think it is a very big company indeed. Not only do they think the law doesn't apply to them as evidenced by their response to being found guilty of offences under the trade practices act over the weekend, they also must have some sway with the ASX. They face potential fines of $40-$60 million dollars and not so much as a peep out of them this morning -- and when I queried this with the ASX, their response was "Woolworths does not believe this to be material". Well, for starters I don't think the ACCC and Federal Court agree. And I'm sure many a company has said that in the past -- nevertheless, this seems to be a gross understatement by both Woolworths and the ASX for letting them get away with at least acknowledging to the market that they have been found gulity and do face fines. I have seen the ASX ride companies for a lot less. Interesting.
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Hmmmmmm ........ thought I did well to sell at $28 (having owned them from the float !!??)

I guess the Coles factor has made a big impact with possible attractive add-ons for Woolies.

The company is well run but the figures don't really add up.

I think I'd be watching this one pretty closely from now on.

 

Cheers and good luck.

J

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