3+ weeks is a long time to be suspended. Are they just working out asset sales or closing them so they can time announcing bad results/breached covenants but also action undertaken negate it? I guess the key points from what they have released are (what they will lead to is anyones guess):
- Given the quality of the preliminary FY19 result, the Board is currently undertaking an extensive review to determine whether additional matters, such as non-cash write downs, should be taken up, and what additional market disclosure is appropriate.
- Board seeking to accelerate previously flagged de-gearing of the balance sheet.
- Reviewing potential sale of non-core assets to reduce debt, where beneficial to the Company.
AND
The Board anticipates providing additional clarity around the preliminary result at the time it resumes trading; particularly identifying the amounts that will provide a baseline for the expected performance of the business in FY20.
In line with its previous advice to the market that the Company is seeking to reduce overall leverage, the Board is also considering ways to strengthen the balance sheet. As a consequence, the Board is reviewing the potential sale of non-core assets to reduce debt, where material, and beneficial to the Company.
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