Ann: Appendix 4D and Half Yearly Accounts, page-9

I agree with you CDR, bu the way I look at it is this......
Sell now and we are throwing away at an extensive loss.....all of us. Market depth tmrw will be next to nothing.
Irrespective of what we should be able to see, the financial statements are the most important thing. It clearly shows Shrimpton has moved out of training and is focusing on labor hire. Essentially we have reached an end point ans survived... there are no more shock write downs to come with training. It is a matter of winding it up now. Thornton in the audit reckons it will be cash neutral. That leaves a labor hire business. Now labor hire incresed by an impressive 12% with an EBITDA margin of 2.7%, and improvement. So it is fair to say the labor hire business is going well.
My own view is that this is the low point. I would sell now if I could get the entire lot of money back, yet if there was no chance of getting most of my money back I would not sell now. Shrimpton is essentially the owner and has a vested interest to make it work. NTA is at 11.5c. There are no big staff costs anymore, and it uncannily reminds me of a turnaround of one famous gaming company, when the owner took over.
Thornton has prepared this as a going concern, making a note of positive cash flow inputs.
The market is all about risk, and the only remaining major risk I see is the litigation. I think it would be fair to mention the amount the are after in the class action. But who knows how that will pan out.
Sell out now at a rediculous loss or take the view that greener pastures lay ahead and the major storm is behind us?