Ann: Market Update - lender discussions and trading performance, page-62

this announcement imo is laying the groundwork for massive dilution and grooming shareholders psychologically for the final nail in the coffin of their wealth destruction

"It is clear that based on performance expectations and liquidity the continued support of the Company’s lenders is fundamental, as current levels of bank debt exceed total enterprise value."

Interpretation: Banks and Institutions who we are indebted to matter most, shareholders dont

"Half year results are not finalised and remain subject to Board approval and auditor’s review.
Slater and Gordon’s Australian business has more recently started to show signs of being impacted by negative sentiment about the business and increased competition in key segments.
Group cash flow performance has continued to improve but remains a challenge. Net operating cash flow is expected to further improve from H2 FY16 (-$20.9m) but will remain a net cash outflow."

Interpretation: H1 results are worse than expected and likely to keep getting worse

"Slater and Gordon expects that the first half revenue declines will be partly offset by a reduction in operating expenditure.
A performance improvement programme is underway in Australia to address areas of underperformance. The Company will seek to ensure that the Australian business remains strong and continues to improve and grow over time."

Interpretation: dont hate us we are spending less on staff lunches and flying economy, and looking to try and save more going forward

This announcement is terrible, even with the positive spin on UK operations which have to date delivered nothing.