FY16 results - My thoughts on OCF, non-recurring expenses and debt, page-166

Christopher.

You could not have anticipated the GO reform plan. Nor could you have anticipated new SSAP rules which are stupid ( Placing zero Balance sheet value on WIP not at near certain fee stage) .

You could have viewed the SGH quickstep growth plan UK market entry as visionary. It may prove to be.

On the other hand the SGH advisors would have known the placees were flaky - and that they would have to protect with shorts/& dump......contributing to perfect storm. If AG didn't have an advance feel for that , he cant be that bright. He cant be blamed for GO and the SSAP. Nevertheless PI's presented with falling sword. Longs....hopefully not a problem since my expectation is that NIHL will come good in 2017. Turnarounds need to be quick and usually achieved in 2 years ( mostly)
If its all good turnaround, big hole in cash mountain ( and I hope to level where it is clearly manageable)... the big question is - what size SGS? the question as to whether SGH will be great again cant be answered until we know.

Mel