Ann: Trading Update, CEO Transition, and Strategic Review, page-30

This is a tough one to value here. They are well outside covenants, and have about $37m (from mem) in prepayments they have received as well and 52m net debt or so. They probably have until Feb to sort this out.

But they also have some bits that might be quite valuable, like mobile app dev??? They have made some big changes that have raised overheads, and then didn't win the work to justify it. It could business division to acquire for a developer who has a shortage of manpower? The listing is a useful thing too for a reverse takeover perhaps.

SMB had some good news today. That div is probably worth the net debt roughly.

Anyway - I left it alone. Don't know enough about the industry for a start. I suspect that if somebody really wants some bits the SP will probably go up, and if nobody is keen it will go down.