new chairman - good sign, page-31

Gee what differwnce a month makes n the market.....this time last month the smh published the qoute below

"Analysts from Citi were upbeat after last week's earnings result and strategy update about the prospect of higher offers emerging from private equity interests. ‘‘We do not see private equity walking away.Its plans are likely the same as Billabong’s, which is margin recovery,’’ said Citi’s Craig Woolford. 

‘‘Assuming 400bp of EBITDA margin uplift and flat sales, we see an LBO (leveraged buyout) providing a 27 per cent IRR (internal rate of return) at $1.60 per share. The IRR remains a firm 25% at $1.80 per share.’’ "