dec qtr casflows out - and positive, page-24

Grant

I think you'll find there are grounds for action by ATC. Without going into a legal debate (because with lawyers you get a different opinion on the same set of facts) I believe that the contractual arrangements will hold up irrespective of the different nationalities of each company as the contract was signed and registered under one jurisdiction and, so long as both parties have the capacity to enter into contractual arrangements within that jurisdiction, then the contract is enforceable.

There are no other onerous conditions that ATC must meet. And, an injunction can be sought if the party seeks to obtain "specific performace" judgement against the other party. This is to ensure that they dont go off and flog the assets that they were contratced to sell to more than one party. I am not saying that this is the case, but I sure as hell would like to make sure that it cant happen!!!

Stocko, I don't fully understand your comment with respect to a dividend payment, but, I've been confused about much of what you have posted.

Tebley, your comments about the value of Mr Stewart are very valid. Do we need the services of an engineer as MD/ CEO?? I would have thought that this is a priority for Brett to address when he comes on board. Stewart as COO is probably a much better situation than him leaving altogether.

Let's get the right board mix now. Get rid of the "ghosts of the past" and put a telco board together - especially people that can complete a transaction!!!

JP, start packing!!