very interesting, page-11

G'day Tignmeg,

The Balatindi results fell way short of expectations, and management behaved badly by not telling us when they knew. It was a big vote of no confidence by the market - including me. As well, the price premium for anticipated very good results and a PRU takeover needed to be erased.

However, the company still has some value, and nobody is holding high hopes any more, thus there is no premium left in it.

The most astute will work out at what price it is cheap, or perhaps just decide it is untouchable as management can't be trusted to act in the interest of holders. I'm still leaning towards the latter.