API's 50 million writedown is a non cash transaction. It does affect their banking covenants. As you know we don't have any debt other than the new $250 million facility to be available on the 31st march and have a huge cash position to pay us a big fat ff div.
The other issues covered by API which will affect their future profit result are all issues well known to SIP holders already.
As Orbis say, we are now at the bottom. All the bad news is out.
I bought more today at 38 cents. I feel like I have stolen something.
28th March will provide more clarity and the big fat ff div amount.
SIP Price at posting:
39.0¢ Sentiment: Buy Disclosure: Held
