If people didn't know beforehand the WLD IPO was really a debt refinancing - the qualified audit opinions on the pre-listing IPO financial accounts gave that away (shame they only need to upload to the ASX platform when successfully listed rather than at time IPO is lodged - not many would know where to find the accounts via ASIC).
The issues they had at listing are still around - the industry cycle has simply made it worse.
No market update, page-22
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