a good read, page-21

Astoria,

At the end of December, the debtors was at 90m and the debt at 360m. Even if the debtors is reduced to close to zero I still don't see how the debt will be reduced to 300m (or 260m). That would require close to 100m of free cash flow and the cash flow appears to be marginally positive at best i.e. the bleed has stopped but no excess is being generated.

I cannot see the debt being much lower than 360m at the end of June unless a very big sale is announced.

I think a rights issues is about the only thing that will make much difference to the debt - but a decent sized issue will dilute the existing shareholding massively. Not a good thing.

I will stay out for now (I sold my holdings down about a month ago) but watch with interest.

Rewind