My take from AGM, page-5

Liquidity is in fine balance because they had to payout 800 odd employees redundancy payment

@ avg $50k per employee - almost $40mil will be saved in this quarter - redundancies takes 3 months to show on the balance sheet.

The substantial item from last FY results on marketing and new business investment has reduced by a third again - this is almost close to $60m itself

@ 1 bil revenue and 11% NPAT margin - we are well on track to have a 130 mil NPAT yr

For me it was a great AGM - they were humble, acknowledged repeatedly they have made mistakes - did not provide any boisterous projections and took on board all the justified criticism.

I'm of the opinion some small overseas funds will start taking position in SGH soon