Gap to close at 83 cents, page-93

Arpit85

I am more confident in my own projections. QPP produced quarterly results ( unaudited apart from year end) . I accept entirely that QPP overegged the results by overvaluation of WIP and that its gross margins were thereby overstated. As a QPP shareholder I had concluded projected annual EBIT ( borrowings were nominal ) was in the £80 - 110M bracket. ($ 160-$220M).

I have adjusted for slowdown and likely shrinkage , pessimism and prudence .

Nevertheless it is clear to me that fuelled up / primed/ adequately financed ...SGS has $200M EBIT capability.

Time ( and GO reforms - if enacted ) will tell.

Mel