look at the leverage, page-12

Now at 72cents. inconceivable it could have got this bad. SP down 95%. Huge debt and complex structure. New culture/management needed. MAH drifted down and down until rethink slowed the rot. MAH finally debt free but it will be a long haul back to profitability. For TSE it will be even longer with 600m to pay off. This company was doing a buy-back at around 42.30!! Should have got debt reduced first. Until a new plan for TSE is announced the threat of a CR will hang-on and make future uncertain for investors along with employees. Strong bold medium-long term thinking needed from TSE top brass.