Ann: Sales Process Update , page-29

I think that is the challenge - As time has passed the motor industry continues to look even worse here in OZ. I dont think that Holden / GM - makes sense unless they close some plants around the world - still not shot of Opel in Europe so its probably easier to bail on Australia than in the larger markets.

I think that this may have created a concern about price. I also question whether the banks will let it trade out completely or when their debt is secure they will not force a cap raising to bring debt down again.

I think that bankers here have played this game with other Agri businesses and have throughout decided they dont like black holes and whilst the forestry still eats money they wont be happy IMO.

I think its 6 months and something will happen dont be surprised at a rights issue and raising about 50 million and solving the hybrids - it could be good for the company but difficult for shareholders to read IMO. The hybrids are getting into the zone where they are desperate enough to take a deal IMO.

For ELD to survive it needs a lot of tail winds and downturn in economy etc etc end of boom times etc etc does not IMO bode the sort of tailwind needed.

That said I think RHL played a very bad hand in this whole mess. The ordinary shares held no sway - only the banks - it would have been better for them to have purchased some of the debt IMO. They have trashed a lot of money to achieve exactly nothing - If you want to stop their delisting block just convert the hybrids - what they achieved was nothing and I think they got really up the nose of management really didn't help their cause.

Do hold RHL and did hold ELD but got out a long time ago.