SHG Value, page-74

yes - I knew it and I found reasons to ignore it because I thought the shares were oversold after the mauling at the hands of what I thought were the same short brigade that had mauled QPP before Terry went. I made a quick profit on QPP by buying low and was lucky enough to still be holding when AG rode in with your cheque book - I couldn't believe it. SGH was over-geared before it bought the PSD.

Therein might lie the answer. Where was the cash when all those profits had been reported??

As my moniker says: "if it's not in the bank, where is it?"

I don't think profits were being made as reported and this always catches up those who've done the fiddling. My theory is the PSD was going to be a big enough animal to lose the past in. Better to be criticised for getting an acquisition wrong than end up in prison perhaps? As I see it they were still still trying to muddy the waters when the spurious claims for $1bn went in..........."it wasn't our fault m'lud - they told us lies".

No they didn't.