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FKP are moving like a rocket presently, but only after they have cleaned up the financial crystal ball.

And that's BEC's problem in a nutshell.

Their financial crystal ball is cloudy.

The covenant issues are still with us..albeit they were deferred temporarily.

Plus, they need working capital to get out there and move the "social housing" balls around.

I've said it a few times...this needs to be part capital and part debt.

Once when this is done and we get our gearing down to 40% or less we will have a massive re-rating.

Ferryman you asked, could there be more write-downs.

Narurally I am only surmising but I think unlikely because the last ann gave us a pretty good haircut!

If there is it will only be minor as a consequence of auditor disputes over the level of W/o's and/or a further booking of w/o's on behalf of the (now) retirement JV.

As to Concord...who knows for sure?

But since I don't have any association with them, it doesn't worry me.

If you have to watch anyone to assess the "wellness" of BEC...watch the bankers...they have much more on the block and at stake.

Besides, they are in a position to get/demand a look through the books.

Final Comment: BEC managememt is very good. They haven't put a foot wrong as far as I am concerned and the Fincorp/ACR "clean up" is as a consequence of GFC and possibly a bigger bite of a distressed acquisition (several years ago) that has led to indigestion.