Christopher C I agree. I have been in 3 turnarounds and lectured...

Christopher C

I agree. I have been in 3 turnarounds and lectured on them .

Rule 1 Ditch the least profitable (because you can not micromanage everything) ..no mater how brutal/unpleasant is the process

The mitigating circumstance ( an element of guesswork) is that protocols fro NIHL have absolutely not been clarified and when they are ( sometime they really have to be) there could be a backed up case load which rapidly turns to cash.

Mitigating circumstance 2 - this can be a cash cow for the lenders on an ongoing basis if the management can ensure it has a future with material cash +ve and profits commensurate with the peer group in the sector. As far as SGS concerned - benchmark Redde plc.

This is far from over but it fails my 1st acid test......get on with it quickly. We should be able to ell a lot more from the actual results. In the co favour they acted to avoid a build up of steam ...and for speculating PI's ( I am mildly ashamed I am one of them) that is a good thing.

Mel