A train wreck indeed but it could not be anything else.The new board inherited a shambles of a balance sheet, lots of debt and now next to no income as a result of governments reaction to Covid 19, no racing or sports equals minimal income but still all the fixed costs. I'm hearing that's what the board has been spending lots of time on so one should expect a new fit for purpose NZTAB in due course. Thats corp speak for the ax was taken to costs and staff which is what most are and have been wanting for years.
As an aside, sort of, everyone wants to rave on about Ozzie racing and gambling but how many of you were in their buying shares in Tabcorp, one of their best performers historically in terms of gambling provider. Well just to update you they had to go to market recently to raise 500 mio to prop up their balance sheet.
Greg