Ann: Speedcast First Half 2019 Results Call Details, page-56

https://perennial.net.au/wp-content/plugins/commentaries/PVSCOT/19/07/0719 PVSCT.pdf

A key detractor during the month was Speedcast (-45.8%) with an earnings downgrade reflecting technical issues in the ramp up of the Carnival contract and delays to expected government work. Both issues seem of a short term nature and yet the market value of the business has dropped materially as a result – no doubt reflecting the loss in confidence in the current management team and high debt levels (with new covenants agreed during the month). Removing emotion from the situation we view the over-reaction as an opportunity so have increased our holding meaningfully