My main reason for buying the company was for a company with very good long term prospects the share price had been hammered, and there were a lot of near term catalysts. I still believe in the long term prospects of the company (and continue to hold in my main portfolio), but the near term catalysts I listed when buying the company have largely played out.
New end market agreements have been announced, financial results have been announced, and all this years harvest has been forward sold meaning no substantial news post harvest.
The business has its risks which mainly relate to cashflow and debt now. In the long term I am happy with this. However, weighing up the near term catalysts and risks I have decided to lock in my 30% profit and look elsewhere. I held for a couple of weeks hoping for a short squeeze to play out, but have decided I've given it enough time.
All in all I look at this as a successful purchase and prudent sale given my one year horizon.
I have a number of options I'm looking into and I'm close to purchasing a new company. I will write about these in due course.
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