This article in the AFR talks to BAP.ASX having a 39% staff turnover. Woah. Thats gotta impact day to day operations.

I enjoy a good bit of confirmation bias.

Disc: no longer held.

An AFR article is reporting that CEO Darrly Abotomey will revieve no additional termination benefits, after shareholders voted down the golden handshake at the AGM with only 47% supporting the termination agreement details.

I can't help but wonder if the shareholder body has significantly changed since Darrly departed. I think his history and actions would have been worth the payout, even if he wasn't the future, he got them to the place they are today.

My stance has not changed, all the red flags remain, and I no longer hold.

BAP is an auto parts distributor and retailer. BAP is predominately Aussie based, but has started expansion into SE Asia. BAP has an exceptional CEO, Darryl Abotomey.

The obvious threat to BAP is electric vehicles (EVs). However, for the bulls, articles and research such as here and here, show Aussies are slow up-takers of EVs and even if there was a huge up-take, there are plenty of second hand vehicles to keep BAP producing profits for a many years (at least 10).

BAP is boring, but beautiful. It continues to compound quietly away in the background. Maybe no longer a small-cap and of interest to Straw-people whom crave excitement and risk… but may be of interest to those who want less risk.

[disc: I hold in RL]