Undervalued based on P/E, page-12

"...if all stakeholders behave sensibly and give it the time it needs..." SGH is effectively owned 100% by the banks. Their exit strategy is the only strategy of any consequence. The Banks are beholden to their risk management departments. What you perceive as a sensible strategy for your own pocket will no doubt be far removed from that held by the risk management team at the banks. Consequently neither you nor the other shareholders of SGH are of the slightest concern as to strategy they believe is best for them to get the maximum % of their money back in the quickest possible time frame.

"...the big hits the company has taken in H1 should make it somewhat easier to report a much improved performance moving forward..." Yes yes, this is the same tune that was being sung in the fourth quarter last year....then the music stopped. SGH took a hit because their forecast revenues did not and will not materialize. So WHO is going to believe that their current basket of forecast revenue will not be slashed in the coming months, years. SGH was clearly bleeding CASH well into 2016 and any form of restructure including redundancies and office closures will increase the outflows. It is only logical to expect another big hit come FY2016 reporting - that is if they are still listed.

"...The shares are priced for failure..." NO - the shares are priced for a deal with the Banks that does not involve a VA and restructure that removes all value for current shareholders. The shares are also priced, not only for a deal with the Banks, but the wishful thinking that a series of Class Actions will not be leveled at SGH that makes their current debt levels look inferior. SGH potentially has a $2billion problem - not a $890million one.