SRF do not need any help from HC with the downramping. They are...

SRF do not need any help from HC with the downramping. They are doing a very good job on their own. I am staying away until the dust settles. If you now exclude the Other Receivables of $20mil they have cash that offsets the payables - don't forget that they get cash from customers at time of order and probably have 60 day trading terms with their suppliers. In other words they are in a very tight cash position now. Also, get ready for the full year announcement where they will now have to write-off goodwill on those acquisitions and intangibles.

The pain has only just started for SRF. I will have another look after I see the full year numbers but they will be way worse than just the $20 mil they have identified so far.