time for plan b , page-14

I suppose I am in love with agri and Elders was a share I owned - I had the hybrids and the ord's and even believed the management updates that they would turn it all around.

If any of what is being said is true than in fact the banks should have jumped at the RHL offer. I am a RHL shareholder but when people start saying 50% cuts to staff than I start wondering if you can extract value from the entity.

You first have the cost to pay the staff off then you have no idea whether the remaining branch can handle the area or do the customers just see a sinking ship and leave. The people leaving very often even start their own business to at least feed themselves knowing full well that the business and people left very often are not those that will stop the rot.

I must say that I invested in RHL not to have them pick up a disaster and lose focus on their own business. Personally I know people say that GNS was in a worse position - If the only offer for both businesses don't cover bank debt then IMO its really no different.

I think the hybrids are trading like they are because it is now known that there is probably no value in them. Up until now I thought they had at least $50 per unit.

I think that RHL could just have had a lucky reprieve - I am not sure that they have the manpower , time and luck on their side to be sure they can fix this before it starts strangling them as well. Good luck to bankers - if they think they can run a geographic spread like this they would be buying many businesses.

My experience with a debenture in Timbercorp is that no matter what the circumstances and the security the time it takes to get your money back far outweighs the reality of the potential that exists. Still waiting for the liquidators to settle and get the court approval for the money - Its some 4 years later and the funds on TODHA have not been paid out. No way would I pay anything to hold a hybrid unless I was certain the business would survive. My view in future - anything that owns plantations and timber that sucks money each year - no way will I invest.

Good luck to all - RHL should write off the shares and move on IMO. At least they know what they own and can pick up discarded staff if they want to replicate things far cheaper than trying to fix this mess IMO.