Well first of all new management raised funds to reduce debt to a more manageable level which Conidi had loaded up on bringing the company to its knees. Why couldn’t Conidi do the same? Maybe because he lost all confidence from instos.
The share price was suffering prior to the Govt rebate reduction proposal. It made overpriced acquisitions of poor performing businesses in NSW. It wasted money on buying into M7T (interesting a company Pertilli was selling his business into at the same time).
New management have reduced debt, sold off the underperforming NSW assets and are now making a Significant takeover offer with full support of instos. They are backing current management who have transformed the business in such a short period of time.
TV ad, page-21
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