any news?, page-5

Vandici pretty conclusive evidence shanagans took place somewhere along the line. The current Chair has been there since the beginning and has the gall to make the usual claims.... tough market conditions.... bad weather in QLD etc.

I read the reports last night and have come up with the following;

1. They some how managed a $17 million dollar loss on $119 million turnover.
2. They sold Bytecraft for $14.5 million yet only reduced Bank debt by $2.5 million so did they repay some loans from major shareholders instead of bank debt?
3. Cash at bank is only $800 thousand so the money didn't stay in the business.
4. They report the loss of Langham but didnt that only happened this financial year so why are they claiming that as an excuse for last years disaster?
5. They report the ?gain? of Park Hyatt Sydney yet that is closed until November 1st so that site will not bring much income assuming they like everyone else do no business from mid December until the end of January.

Not sure how Investec can claim to be prefessional on anything from now on.