sigma , page-6

exert from The Australian today sums it up:

He also has no plans to do what some investors may see as the honourable thing. "I haven't given (resigning) any consideration," he says.

In essence, Sigma's strategies will remain unchanged, with an emphasis on debt reduction, asset sales and reducing working capital. The banks waived their covenants but a chunky payment is due next year. Sigma shares, on a trading halt since February 25, lost almost half their value.

The violent fall is grist for the litigants at Slater & Gordon, which wasted little time flagging a possible shareholder class action. As the firm notes, Sigma's pronouncements were far rosier ahead of last September's $300m capital raising. "The goodwill impairments . . . relate to aggressive competition in the generics market and Pharmaceutical Benefits Scheme reform, which have been known to Sigma for some time," says associate Ben Phi.

De Alwis is unrepentant: "I don't have any concerns about the quality of the information . . . it was based on what we knew at the time." Criterion thinks it's unlikely to be the last we'll hear about the issues surrounding yesterday's belated release of the calendar 2010 results. Sigma this year expects to achieve a similar profit to 2009 ($80.1m), but we suspect there's more tough medicine to dispense. 'AVOID'.