SAMR, page-75

Reviewing presentation, normalised Profit B4tax I get EBIT $11.2
(1) $12m stock write-off
(2) $13m sales due to rebranding + Camperdown revenue timing = Profit of minimum of $2.6m - $4m 
Normalised Profit B4tax of $25.8m - $27m vs PCP $32.7m 

not to bad, upside is really key, fact that rebranding and new product range updated before getting SAMR, just imagine the cost of having SAMR and having to rebrand product range on larger inventory base the write-off would be double. The sales loss would be double. Extremely smart move by Management. I looking forward to SP upwards to May,