Looking at impairments positively the share price will usually...

Looking at impairments positively the share price will usually already factor in an upcoming impairment because to justify an impairment the financial performance of the company must have suffered demonstrably.

By taking a tax office approved impairment into the P&L it actually has a positive impact on cash flow because it reduces the taxable profit and thus the cash tax bill.

Morley - certainly looking at this one for a little while and still deciding whether to start buying. I assume you're buying?

Cheers
John