a good read, page-16

to turn a business to a franchise model requires significant financial restructure,initially incurring significant cash flow loss,its purpose ultimately to reduce cost and provide incentive for all parties to expand with profit based incentive.

the bulk of cdr profitable segments are billed in may/june.
with this in mind i beleive it will take 18-24months from inception of the franchise model for material positive change to the balance sheet of cdr

the profitable segments of cdr perform extraordinarily-the current plan to divest marginal business units and reduce costs is absolutely necessary to reduce balance sheet bleed,the franchise model will show significant benefit after 12months with full benefit after 24 months dependant on the success of the franchise rollout.

the larger portion of debt is in reality long term,cdr has a chance, the first year under amanda will significantly reduce bleed but might not arrest it totally,the 2nd year should bring substantial balance sheet change hopefully with greatly improved organic growth through the combination of franchise model and improved focus on growing profitable areas with a significant reduction in cost/profit ratio.

i do not currently hold cdr sold below current sp and will review the position shortly my reasons are stated above-in the interim i am using the capital successfully elsewhere