The Fairfax Media AGM took place in Melbourne today against a backdrop of financial meltdown in the company’s fortunes. The share price — currently at 38 cents — has halved since the beginning of the year.
That’s not such bad news if the stock is actually worth something. But when the fall is from 80 cents to less than 40 cents, it’s a calamity piled onto a disaster.
However, you wouldn’t necessarily get that impression from the soothing opening remarks by chairman Roger Corbett, who told the small Melbourne audience of shareholders that despite the ravages of an “annus horribilis”, Fairfax Media is in good shape and in good hands.
That’s like Monty Python’s black knight claiming “it’s only a flesh wound” as he bleeds out, limbless on the forest floor.