any comments on announcements, page-64

I've read the announcement (and of course all the proceeding material). It looks like a very standard 'straight by the rules' effort to ensure that there is a fully informed market as is expected of any company (and delivered by some).

The Chairman had indicated a quick timeframe for this process - its taken a shade longer and the company - quite properly - has informed the market.

Also quite efficiently - some bigger dealers still at their desks in the three hours prior to Christmas break have used the opportunity to short the living shift out of the stock making maximum value of the implied uncertainty generated by an announcement that says a process is not quite completed yet.

LYC has a 40% margin on Commsec so no doubt any others still in the game would have had clients that couldn't have stood a 50% fall in a week plus its not a financial services company so fully shortable.

As far as the posters bagging the management of this company the only thing I could read from their efforts was that leaving uni is going to be a hell of a shock to them.

I'm not a holder but I'll be looking pretty bloody hard this moring. Congrats to those who got in at 15c - sadly I was doing the Chrissie drive up the Hume by then. Damn.

Cheers,