I am not an accountant, so this observation might not be particularly important.
The sale proceeds from the Avenue divestment were headlined at $18m in the first announcement on 21 June, with a footnote indicating the proceeds are subject to a working capital adjustment which is not quantified.
Page 25 of the PowerPoint presentation on the same day quantifies the sale proceeds as $14.5m and a footnote indicates that the working capital adjustment is estimated at $3.5m. So known and quantified proceeds of $14.5m were overstated by 24% in the first announcement. Not a hanging offence, but it shows how desperate management must be.
I assume Phil Ryan will be looking for a job soon.
I am not an accountant, so this observation might not be...
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