Ann: Business Activity Report and Appendix 4C, page-16

I think your last point is spot on. This business has been run as a shambles with no regard for the P&L. There will be some eggs cracked in making this omelet, unprofitable lines will be deleted (up or out). If the product is good enough, customers will re-engage on new terms. If it’s readily substitutable with generics there is no future in it anyway without massive capex and a totally different focus. Management has said Focus will be on higher margin branded products that can be pumped into the mainland distribution channels, supported by tight cost and margin controls.

I do feel there may be another cap raise coming with the shed lease back just buying time ….and that it will take time (12 months) to see if management was right on the approach . In any case, doing what they were doing (BAU) was a road to nowhere.