cce -where to from here !, page-40

Ouch, thanks for reminding us Martin!

I think the point that is being raised by WS2 is accurate. The survival of CCE is not a forgone conclusion. Given the information available, I am now off the opinion that unless something dramatic changes given CCE’s forecast expenditure, they will genuinely struggle to see out the year. Not insurmountable but lets hope there are some changes in the interims and some positives in between.

I would hope something comes of Kalbarri but if that hasn’t been priced properly which is likely given what we have seen on last years financials (although I still think there is something very dubious going on there - looks suspiciously like some debt was being hidden and rolled) it could be a very challenging road.

To mind, the only way out of this is another CR... that for me right now would not be a positive signal to the market. Infact I think it would be poorly received. Let’s hope the new board members have something up their sleeves.

I like many thought the EMC deal was a good one, at present it looks like a poison chalice and I am now starting to wish we had continued to just focus on wave which is and will always be CCE’s unique value proposition.