Loading up the truck, page-36

Not certain where you get this comment from: "At least that buffoon Grech had to sell his Melbourne home, due to stock losses.".

The house is in his wife's name, not his. It didn't sell back in August. It was originally placed on the market in late July /early August well before much of the rest of this all happened.

Tracking through time, Grech's overall average holding price is considered down in the $1.90 - $2.40 range depending on some of his earlier holdings (ie: whether held from pre-IPO etc). Certainly, immense wealth destruction has occurred since the April peak (especially in relation to all those who bought in at or near the top, or in the Rights issue, upwards of 86% of which, by value were institutional holders rather than retail).

What's unfolding now with SGH is not good for anyone, either within or outside of the Firm. It's not good for the profession because inevitably there will be blowback on the profession assuming a bad outcome (more regulation, auditing, fidelity contributions, staff out and about, uncertainty of function and operation, etc).

SGH was and is primarily a PI firm (80% by practice size, and fees; 95% by WIP levels). Just the very way by which PI firms practice does not neatly fit into the type of dimensions that listed companies typically look for. That's why they branched out into GL, but to date this hasn't been all that successful as to do so means transforming from their PI focus.

SGH was also primarily an aggregator. Past experience with listed aggregators has not been terribly well received. But that said, with the right focus, discipline and management in place (separated from the ownership streams) and a listed aggregator can do well. For SGH however, they will first have to endure a significant restructure /change in focus in order to get to that end point. Until now (indeed throughout most of their listed life to date), they've never really had to restructure (ie: acquired and bolted on but not really transforming as such). hence why the opportunities are significant in terms of cutting OPEX, discretionary spending, etc. Then a leaner, meaner, more efficient and focused SGH may well emerge. Millar is right to do this at a Board level. Skippen is not. They now have the right CFO. The question however remains regarding the rest of management, and especially of Investor relations which all throughout has been nothing short of an abysmal failure (not even to IR 101 standard).