poor performance from abacus today, page-41

Interesting to hear everyones opinions on this stock and as I hold I am glad to hear others are optimistic.

I would have to say though that it is definately misleading to state numerous time in the annual report and announcements that gearing is at 37.5% and the loan covenant gearing allows 45% without mentioning that when calculating the gearing covenant goodwill must be excluded making the gearing 44.97%.

I mean come on, how is that upfront and honest. I am not saying it is necesarily going to break the company or they cannot get around it or that they are not doing what every other listed company does. But did they think that no one would figure it out (obviously they fooled me but that is no huge task). Why not just state it in the report up front and not try to hide the facts. They would be in the same situation but would just have that much more credibility.

Just my 2 cents worth.