Big rat somewhere?13 Nov 2024 13:37
I've dipped in and out but am slightly under water at the moment.
Like everyone else I smell a rat but just can't pin it down. Whatever happens the Executive Team has no future - the CFO brought in from RR signed off the half year report and even if it was unaudited he so should have been aware of anything fundamentally wrong at that stage. Other than an increase in write-downs or provisions its difficult to see what else can actually change - assuming they know how much is in the bank, how much they are owed, how much they owe (trade) and what debt they are liable for everything else is "non-cash" (as IceCool pointed out). That does leave fraud and general incompetence but again I struggle to believe a huge black hole has suddenly come to light to the shock and horror of a highly paid Executive Team. The longer the media black-out continues the worse the smell gets so lets hope they quickly agree the parameters and timescale for the review and let us all know. Either way the CEO and CFO have got to go and failing a single bid we need to be looking at the sum of the parts.