Latest AFR online. VGI appear very much still in this short....

Latest AFR online. VGI appear very much still in this short. Doug Tynanon quoted "no amount of window dressing can cover up the cracks in the Corporate Travel accounts now". Still has concerns re cash flow. VGI believes that cash conversion is being propped up by short term holding back of cash to suppliers and employers. This combined with the poor outlook, he believes will see CTD to "continue losing altitude". I await Joe Aston's next article with trepidation.

For me, it comes down to this. I have about 20% of my invested monies in this company. I have held it for a very long time and have an overall purchase price average of just above 3 dollars per share. Seeing the share price contract from low 30s to the teens now has been disappointing. I sold about 10% of my position at 27 after the HY results. The share price now is not screaming sell, it is getting more towards a buy. I honestly cannot see why this cash conversion issue is such a big deal. It is really hard to get my head around this. Nevertheless, it seems to be something the shorter's have really got their teeth into. For me the only concern is related to valuation. CTD is getting cheaper, therefore surely it is becoming a better buy.

Please do not take this as a recommendation, as you can see I cannot get my head around what seems to be an important issue (cash conversion).