$140 million impairment charge says it all, page-15

Croasin,

that's why I have been rabbiting on for the past 9-months suggesting wait till the recap .......

for the oilers (ORG / STO) it has been easy money .......the last time it was this (relatively) straightforward was the GFC - when several large LPT's and some of the infrastructure plays (AIO) got recapitaluised .......

similar situation (imho), the statement re 2017 I rekon will get pushed into 2018 ......the last trading update highlighted the "lack" of earnings for H2, hence the boat sales program. the fact that they haven't met their targets, is why the banks will loose patience (imho) .......

I do think the current large shareholder could underwrite to, say, 19.9%, and then buy a few on-market post issuance .......

agree - patience is sometimes a virtue !

rgds
V_H