profit, page-4

Another write down in asset values, which isn't unexpected.

A couple of positives -

1. Lender appears to be happy to allow the firm continue as a going concern waiving covenents

2. Minor decrease in cash reserves

3. Despite the economic environment the turnover is still significant at 60 mill

4. Debt reduced by approx 4 mill

Still a risky proposition, however seems fair value given the current share price

My opinions only. Not investment advice.