Here's a few questions for starters.
1. How come the market responded last week to an announcement made today? Who knew?
2. On checking 'pro forma' it seems to mean using reasonable assumptions to predict future financial outcomes, and can not be used to meet statutory requirements. So the question is, why is pro forma being used to report to the market past events? What are the actual figures? I'm not an accountant but just try to figure out what is actually going on, when it can be quite different from the reality.
3. I found it annoying to be fed a pro forma net profit immediately before the AGM when the Board surely realises it has stuffed up for 3 years in a row. So the question is, what's in it for the Board? Do they hope to avoid votes against some resolutions based on predictions (pro forma) or could they actually put out a genuine quarterly that is open to scrutiny like most companies do.
This announcement has annoyed me just as much as the negative announcements of the past 3 years.
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