Short term horror show14 Mar 2018 13:03
I think it goes without saying that this is going to take a hiding on reopen and personally holding a lot of shares here, can't say i'm looking forward to that prospect.
However the company picture, barring any other skeletons falling out of said closets, is one of a reasonably robust company here imo.
My thoughts are that the new CFO has been in post 4 months and as part of company consolidation has flushed out these problems.
Yes, in an ideal world corporate accounting handovers should be swift and seamless, especially for a company of this size. The reality is that the outgoing CFO clearly hasn't done any favours.
The acquisition spree has led to this mess, and now the jigsaw is being reassembled.
However several pointers here.
This is a very profitable company and will become further so, once streamlining is in place.
Banking covenants only at 2-2.1x and not the maximum 2.5 x
Bods buying very large amounts in February at �3.00/ share. Plus further since the dip to �1 This tells me that the Bod were unaware and nothing here is underhand.
(of course there's an argument to be had, that they flipping well should have been aware!)
I will be adding here and taking advantage of the incoming drop.
Major 12 month rebound play incoming here.
But first the pill. Then the recovery.