1. Completion of QW (+/- the outcome of court case).
2. Relatively minimal EBITDA
3. Any of the 24 pages of risks materialising.
Private equity will have to buy it for a song in the end, turnaround, relist.
Unfortunately I now think we are holding another Virgin and will follow the same journey as they did with Bain.
Cap Raise and Debt restructure, page-104
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