Alex, i disagree with your analysis of SGL Aust H1 results , EBITDAW up 15% to $16.4M , and included one-off costs of $3M for ASIC etc...and with BOD statements including WIP decline offset with strong billings, and staff and client monitoring indicating no evidence of any material change in satisfaction levels . I understand that you will come back with the level of credibility of the BOD, and yes that has been a major concern, but I would have thought with CA possible and outside consultants examining these results with a fine tooth comb, they have to be taken at face value. All agree that SGS, SGL UK are major issues , but once again these issues hopefully can be fixed, with restructure and integration. Whether these steps are enough to satisfy the banks I, and no-one else knows. Only time will tell. There have been many statements in reference to the bank debt being "bad" and that SGH is on a weekly cash flow report, but where is the proof that these are fact not inference.
SGH Price at posting:
25.0¢ Sentiment: None Disclosure: Held
