the time is now, page-72

What's really scary is that their sales have been around 18% below book value, this implies that their assets are literally worth 20% less than they ought to be which means their effective gearing ratio is probbaly closer to 75% .. that is a very very scary thought as that implies there is nothing left for the shareholders (as comparison, in the troubled BrisConnect project the gearing ratio is 66%) and their equity has been totally wiped out.