Well, I have re-read the presentations and am still absorbing. But my first reaction was not that positive. I see lots of discussion about strategy but no firm or tangible steps towards actually transitioning the business. Why haven't they used real case studies to reflect the change they are trying to achieve? How does this impact potential cash generation?
I feel like their verbose descriptions (they really are...) are actually counterproductive. It feels like listening to a management change lecture than people actually implementing change in a business! Or perhaps it's difficult for me to grasp the nature of the change they are trying to achieve.
On the refinancing front, I think we are being let down easy. I'm not convinced that it's going to happen. Or at least it will come at significant cost.
I'll continue to process but I can see why the market has been lacking conviction. I'm actually quite disappointed.
Baron
IFN Price at posting:
67.5¢ Sentiment: None Disclosure: Not Held
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