When to be stubborn can cost hips, page-40

Strongly disagree Alex. There are also ex-Quindell people who feel that SGH stole PSD off them. There will always be polarised views on that score.

I fail to see how a CR could be the answer. To just halve the debt at 15c then they would need to increase the registry from 352m to 3000m shares. And the reason would be because it cannot demonstrate a workable model capable of generating adequate cash. And still leave approx. $370m of debt on the books.

I'm aware there is a stong likliehood covenants are related to assets (you say with certainty not sure how you know that). My point is before it even triggered a covenant, or rather at the same time, a massive impairment would indicate there is not sufficient future value in the business. Anything is possible I suppose but it beggars belief how any shareholder would be happy to dilute their holding to that degree for a business that cannot show a future. And shareholders would have to vote approval for that level of change.