TGA thorn group limited

Ann: Half Yearly Report and Accounts, page-5

  1. 531 Posts.
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    Not sure how to feel about these results.
    Obviously revenue and profit down - not good.
    Dividend cut to 1 cent - but at least they have maintained a dividend.
    Good that the bank is supportive of the breach in the banking covenants. The agreed pay down of the debt facility, could be beneficial for the company in the long term to reduce its gearing and perhaps risk profile.
    Write off of goodwill of $22 million. Its intangible asset, I couldn't really care. Its non cash flow and doesn't really change the business. It just creates banking covenant issues.
    Net tangible assets of $1.22 per share. You would hope this fact alone means that the share price fall is now at a ridiculous level and hopefully the current SP downward trend will stop/reverse.
 
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