Slater & Gordon loses head of industrial relations, risks client exodus, page-99

I'm not confusing them. I said let's wait until October once the recap outcome is known and the FY17 results have been released. If I'm not mistaken, the recap could be voted down? What happens then?

The point of waiting for both is to obviously base a share price valuation on some known updated information. I made some assumptions in my example that actually gave you the benefit of maintaining revenue, massive turnaround in profit and a healthy PE margin. Even with all of that, the SP calculation was not that spectacular.

We can of course wait for FY17 results and let them speak for yourself. I'm just failing to understand what 'this is derisked' is meant to mean for all that I have said. The numbers speak for themselves, and then you have the CNotes to contend with that make it all the more worse.