I also sold yesterday. Was a long time believer that a turnaround was possible, but after seeing dramatically shrinking revenues, I was shocked. How can you say "on budget", "bearing fruit" and report revenue drops of 20%, and large segments of the business still reporting losses. Business is cashflow negative - I think receipts were smaller than payments to suppliers/staff..
Simply insane. Its a shame really, the new discount rate in the UK means that if SGH was in any sort of decent shape, its profits would have exploded over the next 6 months (my rough estimate is more than 20% increase in revenue due to this discount rate change). To quote a source from the UK:
"The concern is that the discount rate change will see much of the money move from the pockets of motorists and into those of personal injury lawyers, who campaigned for it"
SGH Price at posting:
9.8¢ Sentiment: Sell Disclosure: Not Held
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