From where I sit
1. Cash +ve from Australian operations seems probable
2. Cash +ve from UK operations seems probable.
3. Cash +ve from NIHL seems probable
4. No divy and I suspect not much tax to pay
5. 10-15 % reduction in WIP looks like an obvious move - it generates cash
Material inroads into debt pile over the next 18 months seems very possible indeed.
Can cash generation bring gearing ratios into normal bracket in 18 months? well I assume the directors are on meassage
and it is obviously possible. Will they get there? Dont know. Will they get close - stupid if they dont.
Does that make SP at half forward PE ratio look cheap? Not if there is 90% dilution - is that likely?
Nope.
Mel
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