Ann: Market Update , page-8

You have to count the cost to sell down the time it takes to sell everything the administrative nightmare etc etc.

look at GNS and see exactly what they got and how long it took.

I do think hybrids are in the money but the potential for locking up capital whilst this unfolds has me worried so I have stayed away.

Sold my Ords as I cannot see the value as being secure under a forced sale.

The line that bothers me: "The Company is in discussions with its banking syndicate about an appropriate refinancing"

Why should they be - I think the bankers have pushed them into this - The automotive sale is not happening so sell the real asset or we call our loans - which suggests that cash flow is not as good as we had hoped or that sales of assets has just dried up. IMO the banks want an offer from RHL.

I own RHL shares so indirectly this is not good for their investment.