I'm not so sure we'll have two years of downward trends. Didn't we see 55M/55M and then 9.5M in the three year period from the appeal report? I skimmed quick, check the math, but that was my impression. So if the first 50M drops off and we add the latest year, wouldn't we have to be over by at least 45.5M in the latest year to exceed 105M over the last three years? I think we are in trouble with all the debt we are carrying for regular operating expenses.I read two things from that:
- Not allowing us to use 'trend' as a mitigating factor due to years 1 and 2 both being above £50m loss so a reduction of loss in year 3 is not really a trend.
- Disclosing incorrect information is an aggravating factor, albeit an innocent mistake.
Both of these will be different in the next charge - we will have two years worth of positive trend (I assume), and we have disclosed accounts in accordance with the rules. So even before we make the double jeopardy argument we have more mitigation and less aggravating factors. I firmly believe the PL and EFC both want to make the second charge effectively a non-punishment and take the heat out of this and everyone can move on.
I wouldn't however fancy being Forest right now.
Under The Lights
ORDER NOW