Honestly, it's become farcical. I can imagine GS advising SGH:...

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11/04/16

16:19

Post #: 17474563
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Originally posted by Grant62 ↑

Entirely possible, but then what role is PWC carrying out?

From The Australian on 9/1/16:
"McGrathNicol will work alongside PwC in reviewing the law firm’s books and approach to financial forecasting after the management ditched its earnings guidance late last year."
http://www.theaustralian.com.au/bus...s/news-story/5143e99b4a29a0b38401820befb75aac

It could well be a replay of The Gunfight at OK Corrall, given the following:
1)
Internal management, functions and control.
Appointed and /or managed by the CFO.

2)
EY
Auditors, so therefore ensuring compliance by the Company and so called shareholder safeguard.
Appointed ultimately by the Company in general meeting /AGM.

3)
PWC
Appointed by the Board.

4)
MGN
Appointed by the banking syndicate.

5)
FTI
Appointed by MGN.

6)
Grant Samuel
Appointed by the Company - not the Board. So, therefore, appointed by management. if so, then by whom? CFO (not part of the BoD), or by the CEO (Grech and Fowlie are both part of the BoD whereas Houghton is not).

It therefore seems that each special interest group now has its own set of individual advisers. But, if not, then the appointment of GS potentially contradicts the earlier appointment of PWC. Hence why really this should have been led by the Company. The fact that it is not and that everyone has learnt of this via the media suggests either that internal ranks are being broken, agreement on the way forward cannot be reached, or that there are rising tensions all round.

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Honestly, it's become farcical.

I can imagine GS advising SGH: "we've found some cost savings you can make. After looking through your affairs, it turns out you've engaged half a dozen advisers."

SGH Price at posting: 22.0¢ Sentiment: Sell Disclosure: Not Held
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Honestly, it's become farcical. I can imagine GS advising SGH:...

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