Ann: Board and Management Changes, page-69

CVN - CARNARVON ENERGY LIMITED Macquarie rates CVN as Upgrade to Outperform from Underperform (1) - A corporate sale or divestment of its Bedout assets could be in Carnarvon Energy's future, as the company seeks to explore opportunities to realise value as part of what Macquarie considers a more disciplined strategy.The announcement comes as the company faces an overhaul of its four director board, with the company's CEO stepping down immediately and the remaining three directors having agreed to retire.The strategy also includes a commitment to no new material acquisitions and a significantly reduced cash burn.The rating is upgraded to Outperform from Underperform and the target price increases to 25 cents from 10 cents. Target price is $0.25 Current Price is $0.20 Difference: $0.055 If CVN meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges). The company's fiscal year ends in June.