The main risk for me is that the capital raising of $600M+ at over $6 is considered to have been based on misleading and deceptive disclosures. If that argument is successful (MB), that capital will convert to debt and that would be enough to put up the shutters. Is the Maurice and Blackburn case likely to suceed? Based on the current information I don't know but with ASIC swirling around for accounting issues, accounting anomalies already conceded too and potential huge write downs on the purchase - it seems a reasonable possibility.
I'll wait for either a much lower price or clarification on those mentioned issues before entering.
I am the Iceman!
SGH Price at posting:
75.5¢ Sentiment: Sell Disclosure: Not Held
