I am back. So is SGH, page-1709

As opposed to your real business experience? Please enlighten us SWC?

Is your position that the PIP non-recurring restructuring costs are now 100% complete? If not, how much do you expect to be reflected in the P&L and CF statements for 2H FY17?

I highlighted the most recent financial results to illustrate the starting point. You realise in your beloved DCF you require a starting point to base forecasts upon? Of course you did. And to follow your point that PIP and restructuring takes time to be effective... what former financial results of the Company could I possibly base my DCF forecasts upon, if not the most recent ones, when the Company has undergone so much change and improvement (not) that its financial results will magically jump from 2.2% gross margin to 15% net margin in the space of 6 months? That's your expectation if I am not mistaken?

Let's assume DFE is postponed until the FY17 results are known. Heck, I'm feeling generous, how about until these results are announced. Given it's already 18th June they must have some preliminary read on the year end numbers already, which we won't know until August. What does a New Facility granted at the end of March suggest, hmm... probably still cash flow negative.

Do you expect the Watchstone case to be brought before court and settled before the end of August? Recall that the independent barrister who provided your position opinion on GBP 50m in escrow, also provided a negative opinion on the much larger case. You remember right, I provided the link to you a few times already? I can dig it up again for you if you can't find it, no trouble.

So, in my scenario let's assume the Watchstone case is still being fought in court for the foreseeable future. Whose to say it doesn't result in a successful outcome for the company in 1-2 years time.

So fast forward to August, the Watchstone case resolution still presumably in the distant future... we're back to looking at the Company's ability to remain a going concern. Hence my reference to the 1H results, where it very much relied on a new debt facility lifeline from its new friendly distressed debt lenders. The fact remains that the Company cannot repays its debt, nor recently cannot even pay its interest.

Lol please continue helping me SWC. I'm all ears.