Small Cap Value Report (Thu 3 Oct 2019) - IFRS 16, RBG, ZTF, TED, SDY, WIN

Good morning, it's Paul here.
Timing - as you've probably gathered, I've settled into a routine of writing in the afternoons, which works best for me. I'm trying to persuade the boss to change the timing of the daily SCVR email to something like 5pm, so that it doesn't go out half empty or blank.
Estimated time of completion today is 6pm. So by all means check in before that, as sections are added, but the finished article will be done by 6pm, as I have no meetings or other distractions today.

IFRS 16
I've noticed one or two investors amp; commentators are getting into a panic about IFRS 16.
From the enquiries I've made so far, institutions amp; banks are taking as much notice of it as I am - i.e. seeing it as a nuisance, and wanting numbers to be presented to them in the old way.
I've also been assured that banking covenants, facilities, etc, will continue to be based on the old numbers. The idea that IFRS 16 adjustments will "wipe out" companies, is as daft as thinking that Brexit is going to wipe out cross channel trade!

When I met management of