probable timelines

It looks like Bill Wild is a major coup for HST (that is if he stays)

http://www.businessspectator.com.au/bs.nsf/Article/Hastie-Leighton-Wal-King-Thiess-shares-Lazard-pd20111010-MH44B?OpenDocument&emcontent_Gottliebsen

What’s next for HST? Suggested 4-wk schedule for BW:

Dear Diary

Week 1: (1) Visit Aus ops. (2) Make trip to UK & Middle East.Meet CEOs. (3) Assess financial position with Mark (new CFO). How bad is it? Worst case? CR/SPP, Value of entities if need to sell within 18 months (4) Ask: Is this doable?

Week 2: (1) Review largest business units : Core strengths? LT outlook? Can I work with these geezers - CEOs? Keep or sell? (2) Strategic Plan: applying core strengths to growth areas. Set HST Gp corporate direction. (3) Establish new reporting and accountability channels to me -> simplified corporate mgt structure (3 divisions) (4) Identify weak mgt teams for change (5) Speak to ex-Leighton mates. Who’s coming on-board? (6) Make decision: Identify business units for disposal (7) Accounting & Finance- (a) Review cashflow. Which units are haemorrhaging or poorly capitalised? (b) write-downs and impact on P&L and borrowings. Take a bloodbath in June FY12 (?) - will it breach banking covenants? (8) What new sources of borrowings (9) Another CR ? (10) Another strategic investor for HST? More $ injection by Lazard/Pratt? Huh? (11) Renumeration package for new team.

Week 3: Present PLAN to Lazard & Pratt. If not agreeable, exit from HST (SP collapse). If ok, meet lenders. Meet investment bank – CR (?) & start search for buyers for identified units for sale. Meet auditors - on P&L , w/offs. Review 2012 budget. Signal big w/offs in 2HFY12, and make 2013 forecast. Work on ASX Ann - operational update (contract wins), ann Strategic Plan & inform change from interim to perm role in HST. Meeting with selected interested fundies for potential CR.

Week 4: Make ASX Ann. Meet CEO of units to articulate plan forward and set profit & renumeration targets. Meet small-cap fundies……

All the best.