Agree Hamung...and I have bought more. When you drill down on the likely FY20 result - which isn't pretty when you factor in the additional $3m in interest and the $3.1m in 1H intangible write offs - I get an eps of just a tad over 1c. I do believe they were on track to throw around 4.5c in FY20 so this Covid and ScoPac sHi# has been disastrous.
But hey, think about FY21. The full impact of Classic Finance will add $2m to the bottom line, there is a mooted additional $1m in interest savings from whizzing off the expensive mezzanine financing and a suggested $2m in synergies with full impact in FY21. CGR have a product which does well in tougher times, it has good market share, $100m in finance headroom. I might be optimistic but I can see this thing throwing 4c to 6c in FY21.
They certainly don't need COG but I'd be very surprised if they don't get an offer from elsewhere at some stage.
Ann: Termination of Scheme, page-16
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