I've taken a lot of chips off the table
Just 4 months down the line from June's "underlying" EBITDA guidance and we're down from 25m to 14m. Sounds like lies were told to me.
This company is a basket case -
law suits coming out of its ass (which we hear nothing about),
earnings (debt service capability) falling off a cliff,
one financier in town gouging us with 15% compound interest,
Cuadrilla not even going to start the Centrica drilling program until H2 2014 - over 1 year since the farm-in was agreed - what is going to positively drive the share price between now and then?
Half-year guidance will show the dog underlying businesses continue to eat into this capital raise everyone is raving about - if you look at how they strip out "underlying" ebitda from reported operating profit they only get to a positive number by stripping out practically everything as "one-offs" - where have I heard that one before? Yes - every dog company in history trying to justify unprofitable business lines.
Some people need to wake up and small the coffee here - nothing is going to drive AJL positively for at least 9 - 12 months - better to take some chips off the table and let it bleed lower.
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