where now, page-3

TTC
Also in the same Note 13 on page 90, the banking syndicate have appointed Lazard to do a strategic review within 90 days from today. The efforts of mgmt in the powerpoint may or may not be good enough ? Funny that neither th press release nor the preso mentioned Lazard.

Alphasigma - i echo your sentiments.
The company is really skating on thin ice,IMO, when one of their covenants states they need to maintain $1b net assets - this makes them very sensitive to anything out of ordinary - they can't do any more goodwill writeoffs (is this reasonable?), and they can't afford any derivative losses, or any loss on sale of the "non-strategic assets" over and above normal trading / business risks.

Another cap .raising would be out of the question given they tapped invetsors in Sept, Oct-09 at $1.02. Wow someone must be hurting. It give me the heebies that directors would do they as little as 3 months BEFORE the end of the financial year and KNOWING that they have to chop the Y/end result to shreds and that operating cashflow is in decline. How could they not KNOW this in such a short timeframe, thats what they are directors for.

BTW - sales of assets to deliver repayment of debt of $100m within 1 year will probably come from L&B - but that will mean another $8m? p.a. for renting these buidling as another exp.

The derivatives movements are also interesting but really hard to make sense of without long time...fascinating accounts but i better do something more personally useful...

IMO, based on their financial statements and severe risks still out there and based on companies in not too disimilar predicaments during the GFC, this company is a serious candidate for further price falls between now and the Lazard verdict in 90 days.