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clock Created with Sketch. 30/09/15
09:47
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Originally posted by johnmcgee
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Ive seen a lot worse. I note they kept the same auditor which is very positive. Typically if a company is circling the gurgler, they change auditors (at a hefty premium) to avoid telling all the bad news and ensure the directors are protected. Brierty haven't changed auditors which makes me tend to believe the management are telling a truthful story. I'd imagine the banks are willing to negotiate given how much yellow gear brierty has that the banks don't have deeds for. I also note brierty can survive on a smaller working cap loan than they currently have so maybe they'll just reduce the working cap loan size.
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I'd say voting against the reneration package would be wise. No point paying management more than the shareholders earn!!!
