review of 4d and half year accounts, page-5

nice work bleasby,

"The accounts have been formed on the assumption that the JV does not exist (PLV carries all the impairment) and that after stage 4 operations will cease. Neither are correct. Any decent analyst would focus on the cash. Impairment is a non cash item arising out of operational timing."

hoping they clarify this before we open with a presentation!