Ann: MAQ: Completion of dispatch of Bidders Statement, page-3

Historically, H2 is better for BPF. If they can maintain or improve on that current actual ‘5.4% EBITDA’ (with the expectation of improvement in H2) there is great potential for a positive FY18. Regarding budget v actual, Its important to remember that the CFO only came on board earlier this cal. year so we could assume that financial management improvements are only just now getting traction. Her appointment however, was a flag for potential future sale.

The bidder statement is also vague as to MAQ’s intentions for the business, citing lack of information as the reason and therefore reserving the right to do whatever they wish should the bid be accepted. With that in mind, There is no doubt that MAQ could easily recoup a significant portion of their investment within FY18.

The 11c offer is greatly undervaluing the business and is incredibly opportunistic. I’m surprised by the CEOs willingness to accept it and see this as yet another of his failings in the role. He seems to be checking out but wants to take the ship down with him.