Ho Ho Ho - Merry Christmas to all shareholders from the board...

Ho Ho Ho - Merry Christmas to all shareholders from the board and executive team at CLH.

A lot of releases in one go there and no surprises at the timing of them - just before a long break. A massive impairment of $238M and a loss per share of 103 cents, wiping out the last 5 years earnings - and then some.

All assets (i.e. PDLs) have been sold and yet there is still an outstanding debt of $60M. $15M is a new loan from Creditcorp and $45M is from the senior lenders. However the only surviving operating division (after the PDLs have been sold) generated a result of just $4.8M in FY20 (down from $9.2 in FY19). It would take more than 12 years to pay off these loans at that rate, but the Creditcorp one needs to be paid back in just 9 months.

To put it bluntly - this company is not going to trade on the ASX again and shareholders are not getting their money back.