Ann: Preliminary Final Report , page-2

Cronically debt bound? Mandatory capital raise?

So where's the story for new capital to hook into?

Overall the business appears to operate in a series of markets. But the core market seems big for turnover but very thin for margin, in other words lots of effort (absorbed in wages) and no real advancement at the equity line.

If so get out of that market. Sell that business off, reduce debt in that process and then use fresh raised capital to secure the good markets you control.

Maybe time to turn full circle and exit the low barriers / national footprint game.