Without showing the accounts receivable ageing numbers, I would assume things are going tragically. Then I would suspect that GG assets will not be realised as expected, and that there will be significant losses there. Would also add a lower multiple to Silver Chef too. Most companies follow the "show, don't just tell" rule, and so the no show is a "trust us" red flashing siren IMO.
I'm willing to buy some SIV in the $3s, and suspect there could be a crap raise if things really are seriously "trust us"! If things really are OK, then they have either made a mistake, or they want the SP to dip down IMO.
