FY16 results - My thoughts on OCF, non-recurring expenses and debt, page-122

Dr Who
"A business with market cap of $150m conservatively valued today at around $700m (incl Vic)"
.........according to your calcs that unwinds at C $2. SP. ?

I am assuming off BS NIHL and WIP help cut debt materially over time, but then the question is all about what meat there is on the bone left to drive earnings. I have been assuming NIHL would come good in 16 /17...... but AG isnt giving us pointers in that direction......and that is a worry.

I have audited a large legal practice.....and made suggestions about how to drive profits up with some simple management accounting mores. I remember the blank uncomprehending looks. My advice was not taken. It is heck of a difficult to change embedded cultures. I hope Houghton and the advisors are helping to provide the right levers and operations practices.

SGH isnt good till its good.

Mel