'Dodgy' is probably not the right word to use, just a blue collar description, 'levels of unacceptable errors ' is probably better regarding auditors work. It amazes me that companies go to the big 4 for complicated stuff, pay enormous amounts of money and then produce 25% of their work that contain unacceptable errors, have the Big 4 staff become stupid over time or is it something else?
We haven't heard from what you call the independant auditor yet, EY i think it is, all we've heard is a quick bias summary from JP after EY spent 5 mins looking at it, JP also said EY's work is continuing and have been given no update on their work since so we should hear more about them in the future aswell. I disagree VGI work was debunked, it might be in the future just not yet. If you look at the MS holder announcements VGI is not the only shorter here there be plenty of other super-sharp investors on the list. I think debt will rise, (time will tell) , from memory in the last report CTD uses the debt facility to plug holes in its cashflow for periods and as turnover rises i would expect this to be more common because they strip as much cash as possible out of the business as soon as possible for divi's etc.
Either way it's an interesting share and situation and either way i will learn something but it would be nice if i made money too.
Like you say, time will tell.
CTD Price at posting:
$21.95 Sentiment: Sell Disclosure: Not Held
(20min delay)