Well its good that your wearing it, honesty promotes trust, and we can probably all do better at that.
I dont consider the high intangibles a problem, purely because of the industry, a large part of it is about rights to sell products, Mayne also provides 'contract services' but i dont expect they would have a high amount of tangible assets either. But consider what physical assets they do have and its clear they are growing (Greenville expansion), and they have product to utilise the new production capability, so it seems like very low risk to me.
Negative operating cash is obviously from expansion, Mayne is a relatively small company in the industry, so expansion should be a relatively safe way to increase the value of the company in the long term, doing more in-house, economies of scale etc.
I havent looked back more than a couple of years in annual reports, what 'one off's' and 'dismal past' are you referring too, i havent read about a troubled past anywhere...
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