Who the hell is buying ??, page-336

On the (in Oz) morning of the announcement late at night for me.

Catalyst - Cash flow. I had hoped to see $30M +ve cash flow. If they cant get the cash flow moving in the right direction........they might not get to net borrowing below $500m in the next 18 months - which in my view , is the level at which a turnaround looks safe. It is quite right that the SP took another hammering. There could be cathartic change.

Sometimes in a situation which is problematic the normal nice management approach just does not do.
A Sh*it prepared to slash urgently is needed. It may be the management is taking too long o get the cash flow show on the road and haven't got the message.

Wounds need licking! Yes

However a turnaround is still possible but evidence required.

Mel