Ann: Trading Halt , page-8

Conditional offer is an incredibly useful distraction and support for management whilst they slip in a CR due to poor management. Traditionally their first half is tight cash flow wise so they must be feeling the heat.

It is hard not to be cycnical about the way they have announced this.

CSG recently sold their IT business circa 7 times EBITDA (before corporate head office costs). Normalised ASG EBITDA is circa $25m (when you back our the benefit of the reduction in deferred vendor payments)so the quantum of the offer is in the general ball park.

Interesting.