Today we bounce, page-24

I think the lenders will extend the debt as there is still enough profit being generated to cover payments and the extension would allow time for the business to address the issues at hand. More importantly it gives time to work on paying back the debt over time, while also allowing the international expansion to play out further. The alternative would likely see lenders taking a decent haircut, which I just don't see why they would do as long as repayments are coming in. An extension will need to come with a plan to show how management can deal with the issues at hand, which is why I think we got the ann about the updated reduced guidance - they were likely right in the middle of discussions with lenders and had to show them a more realistic scenario. The debt extension will be the catalyst for shorters to cover IMO as the SP has been pushed down so far - something I think was clearly their aim. Today will be telling as to whether we see some buying in anticipation of the lenders extension going ahead. A clue to lenders likely approving an extension of debt (IMO) was news of the largest shareholder buying up more shares earlier this week as reported in AFR (http://www.copyright link/business/...ares-dive-on-profit-downgrade-20171218-h06z1j)