Ann: Change of Director's Interest Notice - A Abercrombie, page-6

I don’t think they will - I am just quoting the Morningstar guy who has been banging on for the last year about them having to do a CR. He has a fair value of 50c on the stock, rising to 80c if they don’t do a CR next year.

He says he doesn’t know what the debt covenants are (remember even though they have cash and no corporate debt, they still have huge borrowings to fund their lending). His rationale seems to be that they did a CR every time things deteriorated so will do one again. I was just pointing out that if anyone knows whether there will be a CR needed it is AA and he wouldn’t be buying now, if he could take part in a CR next year at a much cheaper price.