Ann: Investor Update - Australian Coal Conference Presentation, page-6

This is a broken company with no serious cash flow or margin to operate and it is now obviously being prepared for the market to be sold off in pieces if required hence the way its has been cut up. This will save the current board the shame of being at the helm of this beast if it folds (it's only chance). For those who disagree with this thinking just look at other Service providers in the mining space...if the big players are cutting jobs, costs etc what chance do players like SZG have?

Unfortunately this company never reacted fast enough and most likely didn't have the right strategy or senior management in place to address the market/climate, this is why it is where it is.