I thought the same thing re: takeover target. The provisioning of $11.4m for CBI costs, when only $2.1m has been incurred in the current period is interesting. Ring fencing that cash now might help alleviate fears from any potential suitor that the situation would blow out dramatically. This combined with the report back in May that they had engaged Goldman as defence adviser feels like a narrative might be forming.
Overall, an OK report against a very difficult 12 months. Market will punish the perceived guidance miss.
Ann: Appendix 4E and Annual Report, page-21
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Mkt cap ! $253.4M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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