Grant Samuel - Independent Corporate Advisory Group, page-109

Does it not make sense that GS have been on board since October 2015 if the debt covenants were renegotiated last year? The media are a bit slow after all. I still don't know why the dividend was approved at this time (October) under the circumstances but I suppose it is a bad look to announce it in August and withdraw before payment but I think that would have been preferable to the current shortage of cash. It all points to an unexpected slowing of revenues in the first half but the commentary has been that this will be remedied in the second half. For the sake of the longs, hopefully revenues are coming in now. There doesn't seem to be any reason why they wouldn't be. If they are, the bankers should just be sitting on their hands, but a company wide OPEX reduction program is healthy at any stage of the cycle and particularly after a large takeover. Restructuring has been the name of the game for some time, MGN/FTI and now ?GS are just new participants.