Capital Raising, page-167

Well I guess this depends on what revenue and profit you get once you offload some of your income earning assets. I'm not convinced there is a turn around in the US on the cards, despite some investments being made there. The forecasts for the apartment market next year is very dire and as reported makes up nearly 40% (Property sector/land development) of their income in Australia. This could have devastating impacts unless the right reforms are made, if the US is off the boil and income from the residential/apartment sector deteriorates I'd say hold onto your hat.

Cost cutting? I'm also not convinced this has been targeted across the business, lets see what their forecast utilization numbers are. If I'm a betting man I'd say they will have to offload assets that they would have otherwise liked to have kept and I would not be shocked if there is a consolidation of their geographic portfolio. Death by 1000 cuts, maybe the Dick Smith of the Engineering Sector.

I wouldn't follow Crescent into an investment if my life depended on it.