How stupid is this. • 30/12/2015 - Announce that HIL is going to...

How stupid is this.

• 30/12/2015 - Announce that HIL is going to refinance its banking facilities

• 26/2/2016 - Results slide 22: "Hills and its bankers are working to revise its financing facilities..."

The words 'refinance' and 'revise' mean two very different things.  Meaningless self inflicted SP pain when better drafting of the 30/12/15 announcement was possible.

Appears to me the banks are only prepared to bank working capital requirements and not long term asset requirements (i.e. bank the short term and not the long term).  Who could blame them - makes sense to reduce exposure to this business given current results.