Ann: Trading Halt , page-24

Citi have downgraded to a sell with a price target of $5.45. RBS have retained a hold with a target of $6.

Given broker price targets are usually somewhat optimistic, I stand by my earlier call that we are likely to see a sub-$5 share price in the coming weeks.

The ~$30 million in cash from PRL sitting in the bank at sub 5% per annum is nothing like the near 30% return per annum it was achieving for us prior. Unless ORL management can put that money to use at near 30% ROE, we have a substantial problem. This is not an easy task, even for our esteemed management, and the execution risk has gone up a massive notch. In my opinion the market has yet to factor this in.