Ann: Full Year Statutory Accounts, page-2

Everything that could go wrong for BYI, did actually go wrong!

Back in July 2016, when BYI announced a profit downgrade, I decided to cut my losses immediately. My investment thesis was being proved wrong therefore I did the only thing I knew, take the first losses. I was ruthless in selling into any kind of liquidity available. In the end, I was able to get out completely within a day.

Fast forward to now, I consider myself very lucky because had I dilly-dallied, I would have incurred much bigger losses and even worse, couldn't even get out because of the non-existent liquidity!

Reading the latest full year report, I have no confidence in management's ability to turn the business around. There are so many structural headwinds facing the company that it will be a big achievement for the company just to stand still, let alone grow again.