Ann: Market Update, page-48

SGH have stated numerous times that they ignored the accounting under PSD and re-calculated the financial statements using the accounting methods that were in accordance with the SGH financial statements. They then annualise the September-November quarter to come up with pro forma annualised EBITDA of 86m pounds.

PSD could have done what ever the hell they wanted with their financial statements (and apparently they did) but SGH did their own DD with EY.

Todays "consolidation error" also appears irrelevant given it has nil impact on operating cash flows.

Not sure where the whiff of fraud or incompetent communication comes in, its all laid out step by step in the acquisition presentation realised to the market on the 30/3/2015.

Post is not intended as investment advice please DYOR.