Some big insto exiting slowly, page-8

Research,
You are forgetting that the SG UK business has only had one bad half, preceding this was pumping out $20m profits per half and most likely will outdo that this half because of the cases left over from the last half. NIHL will certainly contribute more than $1m that it did last half and the advertising budget has been wound back which in itself will virtually turn the cash flows positive. It is very unlikely given all this that cash flows would be negative. The pound remains trending down which wipes at least $40m off the debt in $A terms. There are actually so many tailwinds going in SGH favour that the market is blind to, instead worrying about a CA in 2020.