I guess there's little need to comment on the announcement - the...

I guess there's little need to comment on the announcement - the share price speaks for itself. Will be very interested to see how they explain this at the AGM today. Surely this result must drive some change in the mgt ranks or a strategic review/sale of the company. The share price change suggests that the market is seriously worried about the viability of this company. Given the enterprise value is now about $60m, if a buyer doesn't emerge soon then it speaks a lot to the LT outlook .The only saving grace is that the company is net cash as bank covenants are likely to be breached so bank funding is likely to be difficult. Still struggling to believe that mgt could be so out of touch with the market, particularly given these formats are still working well in offshore markets with a lot of the same issues.