Non cash inventory announcement is pertinent given how does that arise so quickly after a year end balance sheet has been signed off. It amounted to more than a quarter of their stock! Anyone that was using this as a basis to assess working capital whilst tight would have accepted the company wasn't going broke!
Following the impairment announcement that they flagged as "non cash" if they announced they were in discussions with their financiers in regards to their lending facilities this would have provided shareholders with considerable more light in terms of increased risk in holding the stock. Some at that point may have exited the stock!
All their announcements underplayed their plight, "cautious" about the trading outlook, small profit downgrades just months prior! A 60m inventory impairment does not just appear out of the blue! Or were they holding video recorders from the 1980's?
Media announcements regarding potential litigation does not surprise me given the series of events leading up to the end! Quite a debacle in the end I dare say...this one shouldn't be allowed to go through to the keeper
