A green day is a happy day!, page-16

KT

Well done - this was becoming too personal and distracting.
Lets focus on the factors which should get us away from an SP which in all probability is beyond ludicrous.

Simply:

If here is ongoing $200M underlying EBIT SGH has a lot of room for manoeuvre.

WIP (written off by SSAP) getting to fee stage and one off NIHL cash contribution ( as it is run down) are expected to make a material dent in borrowings.
How much of a material dent we dont know . No tax or divy payment help the cash flow.

The Banks will want to measure the ongoing SWOT analysis as well as the cash forecast.

Oddly

We dont have a good picture of the UK management team and I certainly dont have a feel for the UK legal services plan
or news of the integration process. Nor do we have info on the cash flow direction in the latest quarter. However I assume :

We are still in the woods while presenting plan to banks

April 17 would coincide ( probably) with the known outcome from NIHL.

CONCLUSION
Clear evidence of the expected $200M + underlying ongoing EBIT and material positive cash flow to Apr 17 would be strong cards and grounds for considerable optimism

DYOR etc.

Lets not get sidetracked .

Mel