Ann: New Leadership, Operational Priorities and Strategic Review, page-13

Check out the analysis by Raper on the break up value of EML, came out a week or so which caused the stock to spike. his view was it was easy to make the case for a 40pc gain, a case could be made for 2-3x the current value, so $1.20 to $1.50 and a slimmer outside chance it could get past $1.50. The basis of the analysis was they could simply walk away from the Europe business and stop losing tens of millions a year, and focus on the rest of the business that makes $35-40m a year.

all that matters now is timing. It's clear this business is being sold off and in parts is the best way to maximise value, some investors will get in on that basis and could make some decent money. barrenjoey aren't there to waste time, they're only getting paid on outcomes.