News: GXL Greencross Sees FY2018 Underlying EBITDA Between $97 Mln And $100 Mln, page-34

Where are you getting any of that from though? And what do you mean by no longer an aggregator?

$4 million of the $7.5 million adjustment comes from 'Labor cost impact of strategic review of IT projects'.

I am reading this as meaning, oops we spent way too much developing useless software, and are now canning the projects. Can someone explain why this then means an EBITDA adjustment? Is it something to do with these costs previously being capitalised, and now just taken as costs? IF so, I don't understand why this is hitting 'underlying' EBITDA - seems like a one-off to me?

More and more I feel this is just hanging out the dirty laundry. It just has the feel of them trying to get all the bad news out at once. They're not dressing it up as something better than it isn't.

I think the risk is there is more to the story of Martin Nicholas leaving as CEO - but given how little info there is in the public about this, I think the board has handled the matter quite well.