Medical law expert leaves Slaters for rival, page-170

"In my book , with a forward PE of 1 or less, The rotten bit is the overmanipulation of the SP."

Of course Mel - that's why the SP has gone below 30c. Over-manipulation of the SP.

How daft I've been.
I was thinking it may have been something to do with:

- $950M loss for 1st half 2016
- another $60m or so lost in the second half 2016 FY
- shareholders funds now being less than the value of goodwill on the balance sheet
- $760M of interest bearing debt
- over $400M of debt due to be repaid within 18 months
- management who got the company into this mess still in charge
- debt and equity markets both closed to the company for new capital
- SGH debt being sold off at a discount of more than 50% of face value
- possibility of regulatory changes in the UK affecting their business
- another ASIC investigation into the accounts
- class actions being brought against the company
- the company saying that they were exploring options for recapitalisation of the group (a.k.a. dilution)

Obviously my thinking has been as woolly as Shetland sheep.