Interesting pcockley but I think your figures are on the optimistic side.
1) What I don't hear from the company is a detailed description of all the hotel accounts they have lost. By my count it is over $10 million in annual turnover with Perth Convention Centre being the biggest among quite a list in FY 2009/2010.
2) What about additional write downs that will include more for that disaster Bytecraft as well as some to clear POV just to name two.
3) What about the revaluation of the Aussie dollar, that keeps making the OS investments worth less and that will need to be written down to true book value.
4) What about more costs associated with the ill considered data initiative. I hear it hasn�t yet been rolled out many millions later. Sounds like the great Victorian transport ticketing fiasco!
5) I haven�t heard any great news out of the company announcing a pay back of the company loans now touching $100 million. They must have softer and happier bankers than I do.
Not sure how these guys can get out of this mess but the Chairman has been there since the beginning so hopefully he knows why they got into it and hopefully knows how he is going to get out of it.
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