Ann: Becoming a substantial holder , page-19

Asf, i honestly think the 4 billion dollar sales figure is a bit of a red herring. Much of it is lossmaking or nil margin, and I dont think realistically that will ever change to the degree necessary to make the company prosper.

The best bet would seem to me to shrink the company down to a much much smaller, but profitable core. Maybe 300 mil sales making 15m net per annum, and then start to grow it again by acquisition.

A lot of water will need to flow to achieve that, with asset sales, closures maybe, debt and equity restructuring, and no doubt a fundraising thrown into the mix.

The play might be 20-30c long run, but the theory of returning margin to a 4-5 billion sales group is dead and buried, in my opinion.