Loading up the truck, page-3720

The shape and numbers of the results is already known from last week. There's no big upside surprise or downside surprise. The results are not good at all - terrible in fact - but this is already priced in, hence my "haves" / "have nots" characterisation - there's winners and losers in the pre- or post-March shareholders, the former have been shafted - the latter done very well.

Tomorrow looking for:
- cash flow, including forensic details how changing last few months
- details of UK "fruit" (perhaps some of this fruit is in last two months post-formal reporting but can be explained in commentary)
- Lord forbid, some kind of guidance FY17
- the Ace: top management change*

The conference call afterwards with analysts will be more important than the actual results because of the commentary and Q&A.

I think if the news tomorrow goes really well could see it back in high 60s*, disappointing on these dimensions above back in high 40s. It's delicately poised. But it is not going out of business yet so there's a floor on downside.

The dampener is, based on last week's news, MB will almost certainly be filing the CA any time - and this could be announced very soon. The hoopla with this CA will likely cause a short term share price hit when it actually happens.

* I agree with @Londoner and Jim that AG going with credible replacement would open up the 'buy' button to instos again and, with other favourable details, could see a bigger run than high 60s tomorrow on this news