banking facility negotiations, page-5

they are banked by ANZ.

ANZ are currently the most anxious of the Big 4 about all of their exposures.

There is no way that they will show any mercy.

But they will also not be prepared to put the company under - at least will be reluctant to do so, as there would be very little to sell out of CQU in this market.

I don't follow them closely, but they have always struck me as a piece of junk. They were pitched as a PGA mini-me at the time of their prospectus.

But marketing services is not an industry where you want to be "mini" - at least not in a downturn.

They don't have any of the strong cashflow generators that underpin the PGA operation.

I don't know what they will announce in the next day or two, but strongly suggest that investors keep away from this one. Don't know what Lazard Carnegie Wylie were thinking.