and have consistently obscured the real debt situation even today I see.
Larkin says"â- Reduce debt to about $1.8 billion by 2011 to drop gearing to between 20-30 per cent from the present 50-55 per cent."
its not 50%
assets $15.6 bn
liabilities $13.1bn
equity $2.5
13.1/15.6 = 83.9%
Now this should be of interest to people who already who have lost money
the company has consistently covered up its debt situation
I remember listening to a shareholder asking about it once
He said that the debt to equity was 529% and words to the affect that that was a bit frightening.
Phil Green came up with some gobbledigook and the shareholder said he didn't understand.
Phil Green treated him as if he were a fool and got one of his minnows to explain it better than him.
It was a disgrace.
and refered the question to someone who could explain the situation better.
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shareholders take action .... they lied
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