Ann: Market Update - Revised Syndicated Facility , page-6

re: Ann: Market Update - Revised Syndicated F... Probibly not to be honest. This what i was refering to previously as to why the SP was tanking. It was in their annual report that it was to be executed within 21 days and was long overdue.

They have a bit longer now until they test covernance breach which is good.

The real kicker in this one which will ensure the SP doesn't rise is that they are halfing their projected earnings just 2 months out from their half yearly report down to 10 to 15 Mil from 28 Mil. This is bad news. This is before restructure costs of 11Mil so its possible we will see another loss in the full year results.

This forcast could have been why we saw the delay in the SFA being signed. Hastie are still trying to sell that their customers care about their SFA and thats why their not winning projects. The truth is Commerical construction is going through a major ressession. Its just not all over the news like it should be.

Sale of Austral is sad.Austral is a good business and proforms well. Thats likely to be why their selling it. I heard though the grape vine about Austral, Heyday and Gordon Bros where all easy sales but that hastie where reluctant because they are premium brands.

They also point in the direction of the middle east and how there is signifigant "risks" involved in their join venture this in Hastie language normally means "losses".