Not sure how PWC justified leaving $219M of assets on the balance sheet - there must be some magical economic recovery which will result in a large increase in cash flows that I don't know about? I thought they would clean up the balance sheet considering the suspension of shares. They still have $85M of intangibles left on the balance sheet, they have 6 months stock based on their 1st/2nd half revenue split and their operating cash flows were negative $6.1M for the 6 months to Dec 31. I see more impairments to come - I could be wrong and PWC is a well regarded audit firm.
I will sit on the sidelines, I was going to buy if they had written-off the intangibles and set a strong base (and the price reflected it).
MCP Price at posting:
62.5¢ Sentiment: None Disclosure: Not Held
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