News: SIV Silver Chef Posts FY Total Revenue Of $287.1 Million, page-17

Management would appear to have taken the opportunity to clean out the skeletons from the Hospitality "closet" as part of the Mongolian mea culpa; hence the debtor impairment of $9 Million, one off impairment of $8 Million, rental assets impairment of $4 Million and borrowing costs write off of $1 Million; total of $22 Million! If you believe the company is "junk bond status" then a subordinated debt interest rate of 15% is probably not unfair, but that values the attached share option at $0.00. I guess you either use the stated "underlying ongoing operations (including overheads) of $17 Million or you don't.