ann out: update-equity raise-suspension, page-14

5hareholder...you clearly have a more optimistic view than I. "Ouch' certainly isn't the word crossing my mind ...enough letters though.

My take ... and I am too rancid to nail is...

In the period from 20 August 2012 (date of directors report) and 11 December 2012:
~ the value of company's reported / audited (as in scrutiny by an external groups supposedly competent in this art) net assets will be written down by 25% ($100m)
~ the company was at high risk (if not in fact) in breach of debt covenenants to the extent that it has negotiated (in September) temporary waivers
~ has negotiated the gifting of an already discounted construction business to its saviour major shareholder;
~ arranged an equity raising which is now supposedly a condition of the debt covenant waivers

and not a god dam zot of information to the broader shareholder base. And this despite the ASX pointed query 20 September. A heart rendering apology from an dis-interested chairman did not even hint at any credit risk.

Breathtaking in my opinion

The morons at Macmahons are either:
~ liars;
~ have very weak or incompetent internal controls including internal and external audit capability; or
~ do not have the infratsructure (as in people, systems, internal controls, integrity) to reasonably accurately assess its financial well being on a continuing basis.

The residue then is a total dis-regard for what is or can be interpreted as a very respectable company. But that accounts for zot.

I usually discourage sghorters but this IMO is a prime target. The fundemental ingredient of trust has been spent (and to date) without accountability!!!.

When I calm down I'll be poking every authority I possibly can with what I have interpreted as blatant abuse of what is on any other day a pitifully weak regulated market. The CFO IMO should be sacked immediately.

Continuous disclosure??? The only things continuous at Macmahons is the roll of toilet paper (share scripts) and the bs they deliver

How's that for a rant?

Good luck today