Ann: Response to ASX Query Letter, page-19

Its just the Directors looking for a scapegoat. When the ITO assessment comes back it will most likely be higher than RAN's remaining cash resources. This will likely put RAN into administration in order to avoid insolvent trading. But the directors will be able to blame "previous management" for the predicament - conveniently avoiding having to acknowledge their poor performance over the last 3+ years (FWIW, the purchase of the Australian fence-paling business should be nominated for one of the worst-ever purchases made by an ASX-listed company).

Its hard to accept for ex-bankers, but their previous "success" is based on the rules of the game insanely favouring the banking industry. When they try to do something in the real world, it turns out its not so easy .... but they're not the type to plead mea culpa.