Ann: Trading and Strategic Review Update, page-115

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dmsb001

4 Posts.

02/12/23

21:58

Post #: 71238572
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Originally posted by sloeb: ↑

Not sure how you arrived at a conclusion about PCSIL winding down very soon. They are 2+ years into the remediation and still forecasting another $20m in cash burn over the 'mid term'. Add in CBI not been happy about the remediation plan and completion timetable and it all points to this thing dragging out for at least another 12 months (hint: they are not happy because EML is saying it will be finished soon - it is the complete opposite). Another hint is at no point have they ever stated when they expect the remediation will be complete, which means they have no confidence in forecasting this (not to mention they keep referencing how 'complex' it is). The CBI is not even happy with their current plan so the chances of them finishing up remediating 'very soon' to a satisfactory level is highly unlikely/impossible. Finally, if you think EML can just declare it's finished and the CBI will rubber stamp it you can expect a final nasty surprise - the CBI will likely require an independent audit before it will sign off on any remediation (they are too lazy to do it themselves) - so that's another 6+ months on the timeframe (if they do it themselves then that's another 12months+).

With the PSCIL liability still attached to the group nobody is going to buy this thing until it's all resolved.

s.loeb

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They have said previously remediation in the final innings.

EML Price at posting: 85.0¢ Sentiment: Buy Disclosure: Held
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Ann: Trading and Strategic Review Update, page-115

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