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Ann: Termination of Scheme, page-13

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  1. 2,989 Posts.
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    Not sure that merging with COG is the right answer here.....COG was clearly a poor business before going into this, and they are going to be even worse through Covid (their current shareprice/MC IMO is still too expensive for the profits they generate).

    CGR are a much stronger business esp once we emerge out of Covid, but going to be tough based on my back of the envelope calcs:
    - EBITDA of ~20m and interest costs 3m higher means NPBT of ~9m and NPAT of 6m & EPS of ~2.5-3c.....I'm not sure it is going to be pretty this morning
 
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