Here is my email back. We call all now rightly assume that the earnings before tax
EBITDA will be less than my fag pack style calc of 114.
A bit disappointing really.
Here's the email.
Thank you for your mail below.
I must say I have some sympathy with you on the wording which does become a bit legalistic given the various ongoing items. It is unavoidable and has taken quite some time to draft.
I will try to simplify - the disposals in their own right will not solve the covenant issues but will help in negotiations with the banks and VSS and the directors remain confident that the company will be able to reach an agreement with the lending banks and VSS.
Hope this helps.
From: Gavin King [mailto:[email protected]]
Sent: 06 March 2009 11:39
Subject: The recent news item - letter to shareholders
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