Hi BuyNHold,
Yes, Knox said the Reliance Rail cost overrun was entirely Reliance Rail's responsibility and Downer had no liability for the debt. He expected the NSW gov, banks and Downer would refinance the debt in 2011 when the Reliance Rail account runs out. Its all on the 2010 webcast presentation here: http://www.downeredi.com/Default.aspx?aCateId=10619
Knox is an engineer and a former MD from Hatch. Both Fletcher and Fenn are ex-bean counters from Qantas. - Fix problems by throwing money at them.
When Knox became CEO the sp went up 20c.
When Knox got the sack the sp went down 30c.
IMO they should have kept Knox and got rid of the rest!
Most likely they will do a cap raising when Christmas creek is announced after the election.
cheers...
news?, page-51
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