I think we are not going to see anything nasty when they release...

I think we are not going to see anything nasty when they release the annual report next week. The first profit downgrade was early May. That was 2 months after the resignation of Cameron, when something wrong was happening with the company that led to his departure. Second downgrade came in the beginning of June, with the announcement of the new CEO. So since the departure of Cameron, SRF spent 3 months doing due diligence of the business that took all by surprise with the expected $ 18 m loss (Sonand most likely started to look into SRF books 1 or 2 months before being announced as CEO). We did not hear anything since the last profit downgrade (2 1/2 months ago) and no experienced CEO would make the mistake of not informing the market if there was still dodgy accounts to fix. My view is that the loss will probably be around what they announced, or slightly better, and with the announcement will come the full guidance and transformation initiatives to take the business back on track. I like the idea of creating a digital / content / surf culture company that is totally opposite to the mistake done by BBG when they bought some many brands and lost its surf identity. SRF mistake was to be too aggressive with the acquisition and incorporation of many businesses into one single company. If they decide to sell some of the content companies they bought, I think they could regret in the future, but might be necessary on the short term to return to profit.