the 2011 annual report

It presents a much healthier company than I anticipated .
the accounts are unqualified by the auditors ..the most salient issue since at 8 cents the stockmarket is suggesting that this $4bn company in 26 countries is going bust.
the other plus is the fact that US is EBIT positive and growing ..so I expect that if needs be ( eg difficult bank ) the US operations can be sold for $100m+

NTA at 27 cents I am prepared now to believe .

I put the idea to one executive that a rights issue to shareholders could be rewarded with favour . He seemed non-plussed . If the silly instos still hanging in there don't support it ...they will have a new brace of shareholders as their masters ...not a bad thing.

The sti plan issue to mr Marchant was for the 08/09 year..so I'm satisfied that this plan is now suspended .

Yes I'm prepared to believe that the crisis is over for this company .