Ann: FY19 Annual Report (with App 4E), page-26

I believe they have to use amortised over all prior years and hence this is the complexity, not just current and subsequent years. Hence why I think the material adjustment to this years result. Indicating results were lower under amortised than fv.

I would expect that subsequent years would therefore not have the historical adjustment and given larger discount value of 40% there may actually be positive adjustments as this is far more conservative than before.

The other thing we need to factor in is suspending the dividend will also help share price.

One of the other things I took comfort from was the share register in report showing managing director & CFO have quite a few shares. Would be good if the executive team including directors bought a material amount of shares should shares start trading again. It is good motivation for them to turn things around.

Next big hurdle is funding. Best result for me would be if they are able to agree funding with bankwest and wpac on equivalent terms as before. This would help mitigate the risk of them continuing to have ongoing relationship with these banks who at least cba they buy PDL off? All IMO.