Ann: Investor Presentation-CM8.AX, page-7

ST,  I'll have to disagree with you on the wording.

"expected to be concluded by end Q4 FY2016"

does equate in my english dictionary to  "end of FY16 at the earliest"

it means they expect it to be done by end of FY16 at the latest.


Put it another way, in order for it to mean what you said,  it would have to say ""not expected to be concluded until end FY2016"  or "not expected to be concluded until at least the commencement of FY2017".

Whichever way it goes, they would always put the word "expected" in a forward looking statement.

Cheers, Sharks.