HY results - put your numbers in, page-42

BB, for what it is worth my prediction is below. This is a prediction only as nobody really has anything from the company.

I expect positive cashflow albeit minor. 20-30m.

While positive, that wouldn't be enough to keep the banks at bay. I think they and the banks knew this hence the discussions around recap commenced.

Furthering this possibility is the McGrath Nicol report saying the business is in 'fair shape' which IMO translates to cashflow positive without shooting the lights out but not enough to significantly pay down debt hence the 'capital structure needs to be reset' comments.

Best case, IMO, is that the H1 results do show positive cashflow and the SP increases a bit on the back of it. This allowing D4E or cap raise at a price around current levels (somewhat minimising dilution) to reduce the first parcel of debt coming due and the hope that the business continues to grow enough in following results to allow refinance of second debt coming due following year.

Alternatively, the banks play hardball and force a horribly restructure asap at a price far lower than current SP due to minimal positive cashflow, apparent loss of market share and expectation that whiplash reforms ect get passed which will further hurt UK operations ect.

Critique away.