Ann: Completion of Sale of Eastern European opera, page-4

re: Ann: Completion of Sale of Eastern Europe... The strategic review said the restructure would cost around 45m for a cost reduction of 73m x 2 yrs. According to annual report: The mojority proceeds of 90m from asset sales so far are used to reduce bank debt, while some of that 90m will be used to fund restructuring cost. Assume restructure cost of 45m is splitted as 30/15 across 13/14FY, as you can see, cost savings (rent, wages and working capital savings) are enough to cover that cash expenditure. On the other hand, debt headroom will increase as a result of decreased DE ratio, so it seems that PPX can afford the restructure.