sp, page-4

for LDR and Onyx
re your June posts asking for views on the reasons or lack of explanation for the decline in RUL's sp.

I also have been concerned and am well down on my purchase cost.

ETrade at 5th July 2010 is showing the following eps and dps for RUL:

eps
2009 6.4
2010 12.0
2011 13.1

dps
2009 4.5
2010 7.8
2011 7.9

but
2 months earlier on 7th May, RUL filed a Trading Update (copied below), effectively forecasting for FY2010 a considerable fall in npat or a possible loss ("npat of breakeven and $2m").

The continuing fall in sp during May and June and now July could indicate insider knowledge of the likely actual result for FY2010.

The Trading Update is available on the same ETrade site as the higher eps and dps stated above, so destroying my confidence in ETrade company information. I purchased RUL because of the earlier fundamentals of eps and dps and price, and the forecast eps and dps, on ETrade, haven't changed in many months.

I will hold because RUL is undervalued.

"07 May 2010
Trading Update
Runge Limited ((ASX: RUL) (Runge)) has today announced an update to their guidance with an expected FY10 operating EBITA result of $3.0M to $5.0M, resulting in an NPAT of between break
even and $2.0M. This estimate excludes any revenue from one-off large software sales.
Significant trading characteristics leading to this estimate include:
Consulting fee revenue recovered steadily over the first half of the financial year in all areas of the globe to our expected run rate.
We experienced slow months in January and February globally.
Since February our consulting and software businesses have shown improvement in all areas except Australia.
Demand for consulting and software outside of Australia continues to grow strongly.
For the full fiscal year we expect our traditional desktop software sales to be in line with the previous year of approximately $8.5M, however this estimate is lower than the previous year as FY09 included a large enterprise software sale of $2.3M.
Since the beginning of the calendar year we have experienced delays and deferrals of our projects in Australia.
Despite our large global footprint, two thirds of our revenues are sourced from Australia of which about a quarter is tied to feasibility studies on new projects.
Traditionally the biggest negative impact on our consulting business has been uncertainty.
Uncertainty will only be exacerbated by the proposed new resources tax. We do not expect that consulting revenue associated with Australian projects will recover until this uncertainty
is resolved.
Runges Managing Director, Tony Kinnane said We are confident, along with our clients that global demand for major resources will continue to grow. We believe that the current uncertain conditions in Australia surrounding the proposed new tax regime will lead to a significant shift to the development of more mining projects outside of Australia. Because of our strong global footprint we are in a position to address this geographic shift by reallocating resources onto offshore projects and directing our expansion into overseas locations.